FBL Financial Group Announces Another $25 Million Stock Repurchase.Business Editors WEST DES MOINES West Des Moines (də moin`), city (1990 pop. 31,702), Polk co., S central Iowa, a growing suburb W of Des Moines; inc. 1893 as Valley Junction, renamed 1938. Products manufactured there include cement, metal items, and pumps. , Iowa--(BUSINESS WIRE)--Dec. 21, 1999 FBL FBL Full Bell Lines (coin grading) FBL Fly by Light FBL FIATA Bill of Lading FBL Functional Baseline FBL Foundation for a Better Life FBL Federal Barge Lines, Inc. Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange : FFG FFG Forschungsförderungsgesellschaft (German: Austrian research promotion agency) FFG Flash Flood Guidance FFG Guided Missile Frigate FFG Fall from Grace (band) FFG Fast Frigates FFG Freeware Flight Group ) today announced a repurchase plan for up to $25 million of its Class A common stock. Special Board Meeting Called. In a special telephone board meeting called for this purpose, the Board of Directors approved a plan to repurchase up to $25 million of Class A common stock. The Board was not scheduled to meet until January. This stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. comes on the heels of another $25 million stock repurchase, which was completed earlier this month. "Our preference is to use our excess capital in a way that will grow our business," stated Tom Gibson, Chief Executive Officer. "However, with our stock price at its current level, we think it is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and believe that a repurchase is the best use of our money at this time." The repurchase plan authorizes FBL Financial to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. The market repurchases will be made from time to time in compliance with Securities and Exchange Commission Rule 10b-18. Completion of the program is dependent on market conditions. The repurchase program may be terminated at any time at the Company's discretion and is not in response to any tender offer or any other offer for shares of the Company. This announcement is not a request or offer for tender of shares to the Company. FBL Financial Group (www.fblfinancial.com) is a holding company whose primary operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. include Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL Financial Group underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. FBL Financial Group's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network in 14 midwestern and western states, (2) alliances and consolidations with other Farm Bureau companies and (3) alternative distribution - opportunities beyond the boundaries of the Farm Bureau network. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion