Charter Financial Declares $2.50 Special Cash Dividend
September 25 2007 - 12:17PM
PR Newswire (US)
WEST POINT, Ga., Sept. 25 /PRNewswire-FirstCall/ -- Charter
Financial Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today
announced that its board of directors has declared a special cash
dividend of $2.50 per share. The dividend is payable on October 29,
2007, to stockholders of record on October 15, 2007. "Our
multi-faceted strategy of expanding our retail banking franchise,
making efficient use of our capital and our equity investment in
Freddie Mac stock continues to generate value for our public
shareholders," said Robert L. Johnson, President and CEO. "The
board of directors determined our financial condition is strong and
our capital exceeds the level required to fund further growth.
Accordingly, the board felt it is appropriate to make an additional
distribution to shareholders in the form of a special cash
dividend." Johnson added that he is optimistic about the future of
Charter Financial. "The combination of our superior customer
service and the rebounding economy in the markets we serve provide
opportunities for further growth, due in part to a new Kia Motors
assembly plant, and its related suppliers, presently being located
in our home market area. We believe we are well-positioned to take
advantage of these expanded opportunities to expand our retail
operations and increase our market share. About Charter Financial
Charter Financial is the majority-owned subsidiary of First
Charter, MHC, a federal mutual holding company, which owns
approximately 82 percent of its outstanding shares. First Charter,
MHC, has filed a regulatory notice of its intent to waive this
dividend on the 15,857,924 shares it owns, therefore the total
payout on the remaining common stock will be about $8.7 million.
Charter Financial Corporation is a savings and loan holding company
and the parent of CharterBank, a full-service community bank and a
federal savings institution. CharterBank is headquartered in West
Point, Georgia, and operates ten branches on the I-85 corridor from
LaGrange, Georgia, to Auburn, Alabama. The Company also operates
two loan production offices in Georgia. Charter Financial
Corporation owns 3.4 million shares of Freddie Mac common stock
with a market value of $206.5 million at June 30, 2007.
CharterBank's deposits are insured by the Federal Deposit Insurance
Corporation. Additional information, including financial
highlights, is available on the company's website,
http://www.charterbank.net/. Persons interested in receiving e-mail
notifications of news about the company may do so by completing the
registration form on the investor relations page of the company's
website. DATASOURCE: Charter Financial Corporation CONTACT: Robert
L. Johnson, President & CEO, , or Curtis R. Kollar, Chief
Financial Officer, , both of Charter Financial Corporation,
+1-706-645-1391; or Woody Wallace of The Investor Relations
Company, +1-312-245-2700, , for Charter Financial Corporation Web
site: http://www.charterbank.net/
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