First Defiance Financial Corp. Announces Share Repurchase Program
January 29 2016 - 8:00AM
Business Wire
First Defiance Financial Corp. (NASDAQ: FDEF) announced today
that its Board of Directors decided it is in the best interest of
the Company and its shareholders to institute a new share
repurchase program of up to 5%, or approximately 450,000 shares, of
the common stock outstanding. Repurchases will be made periodically
depending on market conditions and other factors. The repurchased
shares will be held as treasury stock and will be available for
general corporate purposes, including employee stock option plans.
The exact number of shares to be repurchased by the company is not
guaranteed.
Donald P. Hileman, President and Chief Executive Officer, said,
“We believe that the repurchase of our stock is an important option
within our overall capital management strategy. We completed the
share repurchases under our previous authorization earlier this
month and view this new authorization as an opportunity to continue
offering additional value to our shareholders.”
Purchases under the First Defiance Financial Corp. stock
repurchase program may be made periodically, in the open market,
through block trades and pursuant to any trading plan that may be
adopted in accordance with Rule 10b5-1 of the Securities Exchange
Commission or otherwise, and also in privately negotiated
transactions. Depending on market conditions and other factors,
these purchases may be commenced or suspended at any time or
periodically without prior notice. As of January 28, 2016, First
Defiance Financial Corp. had 9,009,674 shares outstanding.
First Defiance Financial Corp.
First Defiance Financial Corp., headquartered in Defiance, Ohio,
is the holding company for First Federal Bank of the Midwest and
First Insurance Group. First Federal operates 34 full-service
branches and 41 ATM locations in northwest Ohio, southeast Michigan
and northeast Indiana and a loan production office in Columbus,
Ohio. First Insurance Group is a full-service insurance agency with
six offices throughout northwest Ohio.
For more information, visit the company’s Web site at
www.fdef.com.
Safe Harbor Statement
This news release may contain certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21 B of the Securities Act of 1934, as
amended, which are intended to be safe harbors created thereby.
Those statements may include, but are not limited to, all
statements regarding intent, beliefs, expectations, projections,
forecasts and plans of First Defiance Financial Corp. and its
management, and specifically include statements regarding: changes
in economic conditions, the nature, extent and timing of
governmental actions and reforms, future movements of interest
rates, the production levels of mortgage loan generation, the
ability to continue to grow loans and deposits, the ability to
benefit from a changing interest rate environment, the ability
to sustain credit quality ratios at current or improved levels, the
ability to sell real estate owned properties, continued strength in
the market area for First Federal Bank of the Midwest, and the
ability to grow in existing and adjacent markets. These
forward-looking statements involve numerous risks and
uncertainties, including those inherent in general and local
banking, insurance and mortgage conditions, competitive factors
specific to markets in which First Defiance and its subsidiaries
operate, future interest rate levels, legislative and regulatory
decisions or capital market conditions and other risks and
uncertainties detailed from time to time in our Securities and
Exchange Commission (SEC) filings, including our Annual Report on
Form 10-K for the year ended December 31, 2014. One or more of
these factors have affected or could in the future affect First
Defiance's business and financial results in future periods and
could cause actual results to differ materially from plans and
projections. Therefore, there can be no assurances that the
forward-looking statements included in this news release will prove
to be accurate. In light of the significant uncertainties in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by First
Defiance or any other persons, that our objectives and plans will
be achieved. All forward-looking statements made in this news
release are based on information presently available to the
management of First Defiance. We assume no obligation to update any
forward-looking statements.
As required by U.S. GAAP, First Defiance will evaluate the
impact of subsequent events through the issuance date of its
December 31, 2015 consolidated financial statements as part of its
Annual Report on Form 10-K to be filed with the SEC. Accordingly,
subsequent events could occur that may cause First Defiance to
update its critical accounting estimates and to revise its
financial information from that which is contained in this news
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160129005138/en/
First Defiance Financial Corp.Donald P. Hileman, President and
CEO, 419-782-5104dhileman@first-fed.com
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