American Financial Holdings, Inc. Announces Completion of Initial 5% Stock Repurchase and Approval of Second Stock Repurchase Program.Business/Technology 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)--Nov. 30, 2000 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 the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 1,443,555 shares, or 5% of its common stock previously outstanding, at an average price of $17.87. Upon completion of the repurchase program, the Company has 27,427,545 shares outstanding. The Company also announced that its Board of Directors approved an additional repurchase of 5%, or 1,371,377 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. Additionally, the Company announced that it received a waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. from the Connecticut Banking Commissioner whereby the Company is no longer required to comply with the State's stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. limitations. This will permit the Company to implement future stock repurchases without prior Commission approval. Robert T. Kenney, Chairman, President & Chief Executive Officer of the Company, stated that the completion of the initial stock repurchase and the adoption of a second repurchase program is consistent with the Company's capital management strategies which are focused on enhancing shareholder value. Mr. Kenney will be making a presentation at Sandler O'Neill's Third Annual 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. Conference on Friday, December 8, 2000 from 8:35 - 9:10 a.m. Conference presentations will be simultaneously webcast on the Sandler O'Neill website at www.sandleroneill.com. 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. It is the third largest publicly held banking institution based in Connecticut. 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 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.americansavingsbank.com. |
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