Sound Federal Bancorp, Inc.: Stock Repurchase Program Announced
March 12 2004 - 1:03PM
PR Newswire (US)
Sound Federal Bancorp, Inc.: Stock Repurchase Program Announced
WHITE PLAINS, N.Y., March 12 /PRNewswire-FirstCall/ -- Sound
Federal Bancorp, Inc. (the "Company"), the holding company for
Sound Federal Savings (the "Bank"), announced today that it is
commencing a stock repurchase program to acquire up to 637,332
shares of the Company's Common Stock, which represents
approximately 5% of the Company's common shares outstanding. The
timing of the repurchases will depend on certain factors, including
but not limited to, market conditions and prices, the Company's
liquidity requirements and alternative uses of capital. Bruno J.
Gioffre, Chairman of the Board, commented, "We are very committed
to the goal of growing stockholder value, and capital management is
a key component in achieving this goal. With the completion of our
second-step conversion in January 2003, our equity to assets ratio
at December 31, 2003 was 15%. We will consider, among other things,
the price of the common stock relative to the Company's financial
data in determining the timing of the repurchases. In addition to
stock repurchases, we continually evaluate opportunities to invest
the capital raised. Our de-novo branch strategy continues to be
successful in adding to the Bank's franchise value and our
quarterly cash dividend is a meaningful way to provide a tangible
return to our stockholders." At December 31, 2003, the Company
reported total assets of $881.6 million, deposits of $698.4 million
and total stockholders' equity of $132.1 million. The Bank is a
federally-chartered stock savings bank offering traditional
financial services and products through its branches in New York in
Mamaroneck, Harrison, Rye Brook, Peekskill, Yorktown, New Rochelle,
Somers and Cortlandt in Westchester County and New City in Rockland
County, and in Connecticut in Greenwich and Stamford. DATASOURCE:
Sound Federal Bancorp, Inc. CONTACT: Anthony J. Fabiano, Senior
Vice President, Chief Financial Officer and Corporate Secretary of
Sound Federal Bancorp, Inc., +1-914-761-3636 Web site:
http://www.soundfed.com/
Copyright
Sound Federal Bancorp (NASDAQ:SFFS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sound Federal Bancorp (NASDAQ:SFFS)
Historical Stock Chart
From Jul 2023 to Jul 2024