Charter Financial Declares Quarterly Cash Dividend
August 26 2008 - 11:44AM
PR Newswire (US)
WEST POINT, Ga., Aug. 26 /PRNewswire-FirstCall/ -- Charter
Financial Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today
announced that its board of directors has declared a quarterly cash
dividend of 25 cents per share. The dividend is payable on
September 26, 2008, to stockholders of record on September 12,
2008. This equates to an annualized dividend rate of $1.00 per
share. "Freddie Mac's indicated further cut of its common stock
dividend will reduce our earnings," said Robert L. Johnson,
Chairman, and CEO. "Scaling back our quarterly dividend from 50
cents to 25 cents realigns it with our operating earnings. This is
consistent with our past practice of paying our operating earnings
in quarterly dividends. The new dividend provides a yield of about
7.5% based on the current stock price. While we have made some
additions to our loan loss reserves, our core business is solid."
This dividend will be paid on approximately 3.2 million shares and
the total dividend payout will be approximately $812,000. First
Charter, MHC, which owns approximately 83 percent of Charter
Financial, is waiving its right to receive this dividend. 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 2.3 million shares of Freddie Mac common stock.
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, Web site: http://www.charterbank.net/
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