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Commercial banks

Haven Bancorp Receives Regulatory Approval for Third Share Repurchase Program

Strategic Insights

— 1 min read

Haven Bancorp, the holding company for Columbia Federal Savings Bank, has received regulatory approval to launch its third share repurchase program. The program authorizes the repurchase of up to 225,537 shares of common stock, which is approximately five percent of the company's outstanding shares of 4,510,757. This move is aimed at enhancing shareholder value and is part of the company's strategy to continue to be an excellent long-term investment.

Key Takeaways:

  • The third share repurchase program is authorized to repurchase up to 225,537 shares of common stock, which is approximately five percent of the company's outstanding shares.
  • The program is subject to the availability of shares and will be completed through open-market transactions.
  • Haven Bancorp has previously repurchased 247,969 shares in its initial repurchase program completed on May 13, 1994, and 235,570 shares in a second repurchase program completed on June 28, 1995.
  • The company's market value is estimated to be around $1.5 billion, with the holding company responsible for nine full-service banking facilities located in Queens and Suffolk County.
  • The repurchase program is geared towards bringing greater value to shareholders and aligns with the company's goal of enhancing shareholder value.
  • Philip S. Messina, President and Chief Executive Officer, emphasized the importance of share repurchase as an "excellent long-term investment" for the company's shareholders.

Statistics:

  • The number of shares authorized for repurchase is 225,537.
  • The percentage of outstanding shares authorized for repurchase is five percent.
  • The total number of shares repurchased in the previous two programs is 483,539.
  • The market value of Haven Bancorp is estimated to be $1.5 billion.
  • The number of full-service banking facilities operated by Columbia Federal Savings Bank is nine.

Sources:

  • "Haven Bancorp Receives Regulatory Approval to Repurchase Shares." Business Wire, 27 Dec. 1995.
  • "Philip S. Messina, President and Chief Executive Officer of Haven Bancorp, comments on the repurchase plans" (as quoted in the Business Wire release).

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