FIRSTFED BANCSHARES, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
DES PLAINES, Ill., Sept. 27 /PRNewswire/ -- FirstFed Bancshares, Inc. announced its intention today to repurchase approximately 5 percent of its outstanding shares in the open market over the next six months. The shares will be purchased at prevailing market prices from time to time over a six month period depending upon market conditions. Donald J. Cameron, president and chief executive officer of FirstFed Bancshares, Inc. 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 corporations' subsidiary, First Federal Bank for Savings. Cameron stated that "we believe that the repurchase of our shares represent an attractive investment opportunity which will benefit the corporation and our stockholders." The repurchase program will be executed through The Chicago Corporation. At Aug. 31, 1993, the corporation had $384 million in assets and stockholders' equity of $64 million. On such date, the corporation had 2,919,616 shares outstanding. -0- 9/27/93 /CONTACT: Larry G. Gillie, executive vice president, 708-294-6500, for FirstFed Bancshares, Inc.
CO: FirstFed Bancshares, Inc. ST: Illinois IN: FIN SU:
TS -- NY075 -- 6009 09/27/93 14:46 EDT