Oconee Federal Financial Corp. (OTCQX: OFED) announced a stock repurchase program to buy back up to 50,000 shares of its common stock, representing approximately 0.86% of outstanding shares.

The Seneca, South Carolina-based holding company for Oconee Federal Savings and Loan Association said the timing of purchases will depend on market conditions, stock prices, available funds and alternative uses of capital.

The company plans to execute the repurchase program through open-market purchases, block trades, negotiated private transactions and a trading plan adopted under Rule 10b5-1 of the Securities Exchange Act of 1934. Repurchased shares will be held as treasury shares.

Oconee Federal Savings and Loan Association operates as a federally chartered savings and loan association founded in 1924. The institution runs eight full-service branch locations across Oconee County and Pickens County in South Carolina, Darlington County in South Carolina, and Stephens County and Rabun County in Georgia.