Bedford Bancshares Inc. announces regulatory approval for stock repurchase.BEDFORD, Va.--(BUSINESS WIRE)--Sept. 12, 1995--Harold K. Neal, executive vice president and chief executive officer 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 approvals 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 See Office of Thrift Supervision. ) to repurchase up to 5% (or 61,893 shares) of the corporation's common stock. It is anticipated that such shares of common stock will be purchased in open market transactions from time to time during the next 12 months. Bedford Federal Savings Bank is a federally chartered stock savings bank headquartered in Bedford, Va. The bank has three branch offices located in Bedford, Moneta and Forest, Va. The bank's deposits are federally insured by the Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). The bank is a community oriented, full service retail savings bank offering traditional deposit, mortgage and consumer loan products. 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 Bancshares, Inc., Bedford H.K. Neal or J.W. Smith, 703/586-2590 KEYWORDS: VIRGINIA INDUSTRY KEYWORD: BANKING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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