American Financial Holdings, Inc. Announces Completion of 5% Stock Repurchase and Approval of Another Program.Business Editors NEW BRITAIN New Britain, city, United States New Britain, industrial city (1990 pop. 75,491), Hartford co., central Conn.; settled c.1686, inc. 1871. The tin shops and brassworks in the city were established in the 18th cent. , Conn.--(BUSINESS WIRE)--June 18, 2001 American Financial Holdings, Inc. (Nasdaq: AMFH) (the "Company"), the holding company for American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , announced today that it has completed its fifth share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program of 1,178,485 shares, or 5% of its common stock previously outstanding, at an average price of $21.01. Upon completion of the repurchase program, the Company has 22,365,771 shares outstanding. The Company also announced that its Board of Directors approved an additional repurchase of 10%, or 2,236,577 shares of its outstanding common stock, which will commence as soon as practicable. Shares will be repurchased in open market transactions as, in the judgement of management, market conditions warrant. Robert T. Kenney, Chairman, President & Chief Executive Officer of the Company, stated that the completion of this stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. and the adoption of another repurchase program is consistent with the Company's capital management strategies which are focused on enhancing shareholder value. American Financial Holdings, Inc. is the holding company for American Savings Bank. Established in 1862, American Savings Bank is one of Connecticut's oldest and largest independent banks. Headquartered in New Britain, American Savings currently has 17 branches in 12 communities throughout central Connecticut. The Bank's mission is to continue to operate as an independent bank, delivering quality customer service and offering a wide spectrum of competitively priced financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to customers. As a community-based bank, American Savings is committed to the betterment bet·ter·ment n. 1. An improvement over what has been the case: financial betterment. 2. Law An improvement beyond normal upkeep and repair that adds to the value of real property. of the communities it serves. For more information about the Company, visit www.americanfinancialholdings.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion