Oct 30 - Kaiser Federal Financial Group Inc., Covina, Calif., (Nasdaq:KFFG), the holding company for Kaiser Federal Bank, has announced that its board of directors authorized the third stock repurchase program pursuant to which the company intends to repurchase up to 5 percent of its issued and outstanding shares on completion of the second stock repurchase program, or up to approximately 434,732 shares. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the company's liquidity requirements and alternative uses of capital. The stock repurchase program may be carried out through open-market purchases, block trades, negotiated private transactions and pursuant to a trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC's rules. Any repurchased shares will be available for general corporate purposes.
The first repurchase program of 480,257 shares was announced on Nov. 30, 2011. The shares were repurchased at prices between $12 and $13.94 per share with an average price of $13.51 per share. The second repurchase program was announced on April 26, 2012. As of today, the company repurchased 408,241 shares at prices between $13.72 and $15.25 per share with a weighted average price of $14.56. There are approximately 48,137 shares remaining to be repurchased under the second repurchase program.
Kaiser Federal Financial Group Inc. is the parent corporation for Kaiser Federal Bank, a federally chartered savings bank headquartered in Covina, Calif. The bank operates three full-service branches and five financial service centers in California, as well as a statewide network of 58 ATMs.