CRAGIN FINANCIAL COMPLETES STOCK REPURCHASE
CRAGIN FINANCIAL COMPLETES STOCK REPURCHASE CHICAGO, March 5 /PRNewswire/ -- Cragin Financial Corp.
(NASDAQ-NMS: CRGN) today reported that it has completed the five percent stock repurchase program announced on Nov. 14, 1991. The company acquired 521,792 shares at a total cost of $10,054,854, at an average price per share of $19.27. The remaining shares outstanding now total 9,914,058.
"We believe that the repurchase of Cragin Financial Corp. shares is an excellent long-term investment in today's market, given the decreased yields currently available on long-term mortgage loans and other investments," commented Adam A. Jahns, chairman of the board and chief executive officer. "The repurchase of these shares will increase the earnings per share and the book value per share of the remaining shares outstanding, which is good news for our shareholders right now." Cragin Financial Corp. reported total assets of $2.65 billion and stockholders' equity of $302.4 million as of Dec. 31, 1991. Net income was $26.4 million or $2.43 per primary share for that year. -0- 3/5/92 /CONTACT: Adam A. Jahns, chairman and chief executive officer, 312-804-4500; Fredric G. Novy, president and chief operating officer, 312-804-4501; or Donald Holton, vice president, 312-804-4570, all of Cragin Financial/ (CRGN) CO: Cragin Financial Corp. ST: Illinois IN: FIN SU:
SH -- NY062 -- 5535 03/05/92 14:39 EST
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|Date:||Mar 5, 1992|
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