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FFY FINANCIAL CORP. ANNOUNCES STOCK REPURCHASE PROGRAM

 YOUNGSTOWN, Ohio, Sept. 7 /PRNewswire/ -- FFY Financial Corp. (NASDAQ-NMS: FFYF), holding company for First Federal Savings Bank of Youngstown, announced its intention today to repurchase approximately 5 percent of its outstanding shares in the open market over the next six months, commencing on or after Sept. 13, 1993. The shares will be purchased at prevailing market prices from time to time over a six month period, depending upon market conditions.
 Charles Shellogg Jr., chairman of the board and president, indicated that the board of directors approved the repurchase program in view of the current price level of the corporation's common stock and the strong capital position of the corporation's subsidiary, First Federal Savings Bank. Shellogg stated, "We believe the repurchase of our shares represents an attractive investment opportunity which will benefit the corporation and our stockholders. The repurchased shares will become treasury shares available for general corporate purposes."
 Since the company completed its conversion to a publicly-owned stock company on June 28, 1993, at $10 per share, the stock has traded between $12.25 and $14.125. At June 30, 1993, the corporation had $573.4 million in assets and stockholders' equity of $112.5 million. On that date, the corporation had 6,630,000 shares outstanding.
 -0- 9/7/93
 /CONTACT: Jeffrey L. Francis, vice president and treasurer of FFY Financial, 216-726-3396/
 (FFYF)


CO: FFY Financial Corp. ST: Ohio IN: FIN SU:

BM -- CL007 -- 9342 09/07/93 12:47 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
Words:242
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