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Standard Financial Announces Stock Repurchase Program
March 12 - Standard Financial Corp. (Nasdaq:STND), the holding company for Standard Bank, PaSB, has announced that the company's board of directors has authorized the repurchase of up to 341,000 shares, or approximately 10 percent, of the company's outstanding common stock. The stock repurchase program may be carried out through open market purchases, block trades, negotiated private transactions and pursuant to a trading plan that will be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission rules. The stock will be repurchased on an ongoing basis and will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the company's financial performance. However, the repurchase program will only become effective at the time that the Company has completed the purchase of authorized shares available for repurchase under the currently effective repurchase program.
Timothy K. Zimmerman, president and CEO, noted, "We are extremely pleased and believe it is prudent to continue our stock repurchase plan at this time."
Standard Financial Corp., with total assets of $435 million at Dec. 31, 2012, is the parent company of Standard Bank, a Pennsylvania-chartered savings bank that operates 10 offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland. Standard Bank is a member of the FDIC and an Equal Housing Lender.