Cheviot Financial Corp. Authorizes the Repurchase of Up to 5% of Outstanding
CHEVIOT, Ohio, Oct. 16, 2013 (GLOBE NEWSWIRE) -- Cheviot Financial Corp.
(Nasdaq:CHEV) announced today that the Company's Board of Directors authorized
on October 15, 2013 the repurchase of up to 341,845 shares, or approximately
5%, of the Company's outstanding common stock. The stock repurchase program
will not be effective until November 6, 2013. The repurchases may be carried
out through open market purchases, block trades, and in negotiated private
transactions. In addition, the Company may enter into an agreement to have its
shares repurchased pursuant to rule 10b-5-1 of the Securities Exchange Act of
1934.The common stock may 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
Cheviot Financial Corp. completed its second-step conversion and related
public stock offering on January 18, 2012.Cheviot Savings Bank is now 100%
owned by the Company and the Company is 100% owned by public stockholders.The
Company sold a total of 4,675,000 shares of common stock in a subscription,
community and syndicated community offerings, including 187,000 shares to the
Company's employee stock ownership plan.All shares were sold at a purchase
price of $8.00 per share.Cheviot Savings Bank operates through its twelve
full service banking offices located in Hamilton County, Ohio.
This news release contains certain "forward-looking statements" which may be
identified by the use of words such as "believe," "expect," "anticipate,"
"should," "planned," "estimated" and "potential."Examples of forward-looking
statements include, but are not limited to, estimates with respect to our
financial condition, results of operations and business that are subject to
various factors which could cause actual results to differ materially from
these estimates and most other statements that are not historical in
nature.These factors include, but are not limited to, general and local
economic conditions, changes in interest rates, deposit flows, demand for
mortgage, commercial and other loans, real estate values, competition, changes
in accounting principles, policies, or guidelines, changes in legislation or
regulation, and other economic, competitive, governmental, regulatory, and
technological factors affecting our operations, pricing products and services.
CONTACT: Cheviot Savings Bank
Thomas J. Linneman 513-661-0457
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