SPEAR FINANCIAL SERVICES ANNOUNCES STOCK REPURCHASE
SPEAR FINANCIAL SERVICES ANNOUNCES STOCK REPURCHASE LOS ANGELES, Jan. 21 /PRNewswire/ -- Spear Financial Services Inc.
(NASDAQ: SFNS) announced the repurchase and retirement of 130,000 shares of common stock. The company paid $3.75 per share, the NASDAQ composite bid price at the time of the transaction. These shares were sold by James K. Mitchell, president of James Mitchell & Co. (JMC), the company's largest subsidiary. Mitchell additionally filed Form 144 with the Securities and Exchange Commission for the public sale of approximately 70,000 shares.
Mitchell sold these shares in order to satisfy personal tax liabilities arising from the sale of JMC to Spear Financial. These two transactions together will satisfy these expected tax liabilities. After these transactions, Mitchell will remain the largest shareholder of Spear Financial, with more than 9 percent of the outstanding common shares. Spear Financial Services Inc. markets tax-advantaged insurance products to customers of financial institutions through JMC. In addition to insurance marketing, the company operates a securities division consisting of a California-based retail discount brokerage firm and a major Pacific Stock Exchange specialist operation. -0- 1/21/92 /CONTACT: Randy Stratt of Spear Financial Services, 818-543-4440/ (SFNS) CO: Spear Financial Services Inc. ST: California IN: INS SU:
KJ -- LA017 -- 1952 01/21/92 14:55 EST
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|Date:||Jan 21, 1992|
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