Bedford Bancshares, Inc. announces regulatory approval for stock repurchase.BEDFORD, Va.--(BUSINESS WIRE)--June 7, 1996--Harold K. Neal, Executive Vice President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bedford Bancshares, Inc., the holding company of Bedford Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , announced today that it had received the necessary approval from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. ("OTS") to repurchase up to 10% (118,016 shares) of the Corporation's outstanding shares of Common Stock. The Corporation will purchase such shares in open market transactions from time to time subject to the availability of stock, market conditions, the trading price of the stock and the Corporation's financial performance. This repurchase program follows the repurchase of approximately 18,500 shares of the Company's common stock during the first year following the conversion and approximately 61,893 shares, thus far, during the second year following conversion. Repurchased shares will be available for general corporate and other purposes, including the issuance of shares in connection with the exercise of stock options. Bedford Federal Savings Bank is headquartered in Bedford, Virginia and operates through its main office and two branch offices. The Bank's deposits are insured up to maximum legal limits by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . The Corporation's Common Stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market under the symbol "BFSB." CONTACT: Bedford Federal Savings Bank, Bedford H.K. Neal, CEO or J.W. Smith, CFO, 540/586-2590 |
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