Aug 23 - Seattle-based Sound Financial Bancorp Inc. (Nasdaq: SFBC) has authorized the repurchase of up to 129,340 shares or 5 percent of the company's outstanding shares. The shares may be purchased in the open market or in privately negotiated transactions, from time to time over a 12-month period depending on market conditions and other factors.
Laurie Stewart, president and CEO of the company, indicated that the board of directors approved the repurchase program in view of the current price level of the company's common stock and the strong capital position of the company's subsidiary, Sound Community Bank.
Stewart stated: "We believe that the repurchase of our shares represents an attractive investment opportunity that will benefit the Company and our shareholders."
Sound Financial Bancorp, Inc. is the holding company for Sound Community Bank, a full-service bank, providing personal and business banking services in communities across the greater Puget Sound region. The Seattle-based company operates five full-service banking offices in King, Pierce, Snohomish and Clallam Counties, and is on the web at www.soundcb.com.