Ahmanson announces third stock purchase program; additional $250 million authorized.IRWINDALE, Calif.--(BUSINESS WIRE)--Nov. 18, 1996--H.F. Ahmanson & Co. (NYSE NYSE See: New York Stock Exchange :AHM AHM Automated Hacking Machines AHM All Hands Meeting AHM Academy for Healthcare Management AHM Atom Heart Mother (Pink Floyd album) AHM Airport Handling Manual AHM Acutely Hazardous Material AHM Anti-Helicopter Mine ), parent company of Home Savings of America, Monday announced that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a new program to purchase an additional $250 million of its common stock, following completion of its existing program. This will be the company's third common stock purchase program. Including this program, the company will have authorized, since October 1995, $825 million to purchase common stock and retire high cost preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Charles R. Rinehart, chairman and chief executive officer of Ahmanson and Home Savings, said: "We remain enthusiastic about the prospects for increasing shareholder value through our ongoing stock purchase plan, as well as from our progress on strategic initiatives aimed at growing revenues and containing costs. We are particularly excited about the business acquired in, and the capabilities developed for, the acquisition of 61 former First Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. branches." At Sept. 30, 1996, the company had purchased 13 million common shares, or 11 percent of common shares outstanding prior to the commencement of the original stock purchase program, at an average price of $24.36. At Sept. 30, 1996, the company had 105.5 million shares outstanding. H.F. Ahmanson & Co., with $50.6 billion in assets, is the parent company of Home Savings of America. Home Savings' deposit base is $35.4 billion. It operates 392 personal financial service centers in four states and 99 mortgage lending offices in nine states. -0- Additional information, including monthly financial data, about H.F. Ahmanson & Co. and Home Savings of America can be retrieved free of charge by using the following services: Corporate News on the Net: http://www.businesswire.com/cnn/ahm.htm Internet: http://www.investquest.com Fax-on-Demand: 614/844-3860 On-line BBS (1) (Bulletin Board System) A computer system used as an information source and forum for a particular interest group. They were widely used in the U.S. : 614/844-3868 Note to Editors: For past news releases and investor relations Investor relations The process by which the corporation communicates with its investors. information, go to http://www.businesswire.com/cnn/ahm.htm. CONTACT: H.F. Ahmanson & Co., Irwindale Mary Trigg, 818/814-7922 (media) Steve Swartz, 818/814-7986 (investors) |
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