Cheviot Financial Corp. Authorizes the Repurchase of Up to 5% of Outstanding Common Stock
March 30 2005 - 10:18AM
PR Newswire (US)
Cheviot Financial Corp. Authorizes the Repurchase of Up to 5% of
Outstanding Common Stock CHEVIOT, Ohio, March 30
/PRNewswire-FirstCall/ -- Cheviot Financial Corp. (NASDAQ:CHEV)
announced today that the Company's Board of Directors authorized
the repurchase of up to 495,937 shares, or approximately 5%, of the
Company's outstanding common stock. The stock repurchase program
may be carried out through open market purchases, block trades, and
in negotiated private transactions. The stock may be repurchased on
an ongoing basis and will be subject to the availability of stock,
general market conditions, the trading price of the stock,
alternative uses for capital, and the Company's financial
performance. Any repurchased shares will be held as treasury stock
and will be available for general corporate purposes. President and
Chief Executive Officer Thomas J. Linneman stated, "We believe that
by implementing this new stock repurchase program we are in a
position to make an investment in Cheviot Financial at what the
board of directors and management believes is an attractive price.
The repurchase program is also a means of showing our commitment to
enhancing shareholder value." Cheviot Financial Corp. was founded
in 2004 following the mutual holding company reorganization of its
wholly owned subsidiary, Cheviot Savings Bank. Cheviot Savings Bank
operates through its four full service banking offices and lending
center located in Hamilton County, Ohio. This news release contains
certain "forward-looking statements" which may be identified by the
use of words such as "believe," "expect," "anticipate," "should,"
"planned," "estimated" and "potential." Examples of forward-looking
statements include, but are not limited to, estimates with respect
to our financial condition, results of operations and business that
are subject to various factors which could cause actual results to
differ materially from these estimates and most other statements
that are not historical in nature. These factors include, but are
not limited to, general and local economic conditions, changes in
interest rates, deposit flows, demand for mortgage, commercial and
other loans, real estate values, competition, changes in accounting
principles, policies, or guidelines, changes in legislation or
regulation, and other economic, competitive, governmental,
regulatory, and technological factors affecting our operations,
pricing products and services. DATASOURCE: Cheviot Financial Corp.
CONTACT: Thomas J. Linneman of Cheviot Savings Bank,
+1-513-661-0457 Web site: http://www.cheviotsavings.com/
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