Charter Financial Announces the Completion of Stock Repurchase Program and the
Adoption of a New Stock Repurchase Program
WEST POINT, Ga., June 19, 2014 (GLOBE NEWSWIRE) -- Charter Financial
Corporation (Nasdaq:CHFN) announced that it has completed its stock repurchase
program adopted by the board of directors on April 22, 2014 and has adopted a
new stock repurchase program. Under the previous repurchase program, the
Company purchased 2,250,000 shares of its common stock. Under the newly
adopted repurchase program, the Company may purchase up to 2,030,000 shares of
its common stock, or approximately 10% of the current outstanding shares. The
Company intends to initiate the new stock repurchase program immediately.
Chairman and CEO Robert L. Johnson said, "Since December 2013, we have
repurchased over 2.8 million shares, or approximately 12%, of our common
stock. Our strong capital and solid financial position affords us the ability
to continue repurchasing our shares which currently trade at a discount to
tangible book value per share. We believe that this use of capital provides
excellent stockholder value."
The repurchase program permits shares to be repurchased in open market or
private transactions, through block trades, and pursuant to any trading plan
that may be adopted in accordance with Rule 10b5-1 of the Securities and
Repurchases will be made at management's discretion at prices management
considers to be attractive and in the best interests of both the Company and
its stockholders, 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. Open market purchases will be conducted
in accordance with the limitations set forth in Rule 10b-18 of the Securities
and Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time
for any reason, including market conditions, the cost of repurchasing shares,
the availability of alternative investment opportunities, liquidity, and other
factors deemed appropriate. These factors may also affect the timing and
amount of share repurchases. The repurchase program does not obligate the
Company to purchase any particular number of shares.
During the recently completed stock repurchase program, the Company purchased
2,250,000 shares at an average price of $10.95 per share. This is in addition
to 571,577 shares purchased for an average price of $10.78 per share under a
stock repurchase program adopted by the board of directors in December 2013
and completed in April 2014.
Charter Financial Corporation is a savings and loan holding company and the
parent of CharterBank, a full-service community bank and a federal savings
institution. CharterBank is headquartered in West Point, Georgia, and operates
branches in central West Georgia, East Alabama and the Florida Gulf Coast.
CharterBank's deposits are insured by the Federal Deposit Insurance
Corporation. Investors may obtain additional information about Charter
Financial Corporation and CharterBank on the internet at www.charterbk.com
under About Us.
This release contains "forward-looking statements" that may be identified by
use of such words 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 and
results of operation and business that are subject to various factors that
could cause actual results to differ materially from these estimates. These
factors include but are not limited to general and local economic conditions;
changes in interest rates, deposit flows, demand for mortgages and other
loans, real estate values, and 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. Any or all
forward-looking statements in this release and in any other public statements
we make may turn out to be wrong. They can be affected by inaccurate
assumptions we might make or known or unknown risks and uncertainties.
Consequently, no forward-looking statements can be guaranteed. Except as
required by law, the Company disclaims any obligation to subsequently revise
or update any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of anticipated
or unanticipated events.
CONTACT: Robert L. Johnson, Chairman & CEO
Curt Kollar, CFO
At Dresner Corporate Services
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