First Financial Northwest (FFNW) Approves 1.5M Share Buyback
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
First Financial Northwest, Inc. (the “Company”) (NASDAQ: FFNW), the holding company for First Savings Bank Northwest (the “Bank”), announced that the Company’s Board of Directors authorized the repurchase of 1,500,000 shares of the Company’s common stock, or 12.5% of its outstanding shares. The repurchase will be conducted by a pre-arranged stock trading plan for the purpose of repurchasing a limited number of shares of the Company’s common stock in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
Rule 10b5-1 allows a company to adopt a written, pre-arranged stock trading plan at a time when it does not have material, non-public information and avoid concerns about whether it had material, non-public information at the time of the repurchase transactions pursuant to the plan.
Repurchases under the Company’s 10b5-1 plan will be administered through an independent broker. The plan will cover the repurchase of shares commencing no earlier than September 16, 2016, and expiring no later than March 17, 2017. Repurchases are subject to SEC requirements as well as certain price, market volume, and timing constraints specified in the plan.
The Company recently repurchased $18.1 million, or approximately 9.7%, of its common stock outstanding as of June 30, 2016 through a tender offer, which ended on August 9, 2016.
“We are pleased to be in a position to deploy excess capital by repurchasing additional shares, which is consistent with our long-term plan to enhance shareholder value,” said Joseph W. Kiley III, President and Chief Executive Officer of the Company and the Bank.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- NYSE to Suspend Trading in MGT Capital Investments (MGT); Will Move to Delist
- Alkermes' (ALKS) FORWARD-5 Pivotal Phase 3 Study of ALKS 5461 for Major Depressive Disorder Mets Primary Endpoint
- Verisign Inc. (VRSN) Reports Amendments to Agreements with DOC, ICANN
Create E-mail Alert Related CategoriesCorporate News, Stock Buybacks
Related EntitiesStock Buyback
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!