Courtesy of Benzinga.
Kaiser Federal Financial Group, Inc. (Nasdaq: KFFG), the holding company for Kaiser Federal Bank , announced completion of the repurchase of 5% of its outstanding shares of common stock, or 480,257 shares. The first repurchase program was announced on November 30, 2011. The shares were repurchased at prices between $12.00 and $13.94 per share with an average price of $13.51 per share.
Upon completion of the aforementioned stock repurchase program the Board of Directors authorized the second stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its issued and outstanding shares, or up to approximately 456,378 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, including the funding of the Company’s equity incentive plan.