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Bank holding companies

Milton Federal Financial Corp. Announces Special Dividend and Stock Purchase Program

Strategic Insights

— 1 min read

Milton Federal Financial Corp., the parent company of Milton Federal Savings Bank, has announced a special dividend of $1.00 per share for its shareholders. This dividend will be paid on December 8, 1995, to all shareholders recorded as of November 27, 1995. In addition, the company has launched a stock purchase program, which will allow it to buy back up to 5% of its outstanding common shares in the over-the-counter market over the next 12 months. The program will be funded by the sale of securities from the company's investment portfolio.

Key Takeaways:

  • Milton Federal Financial Corp. is announcing a special dividend of $1.00 per share, to be paid on December 8, 1995, to all shareholders recorded as of November 27, 1995.
  • The company has launched a stock purchase program, allowing it to buy back up to 5% of its outstanding common shares in the over-the-counter market over the next 12 months.
  • The program will be funded by the sale of securities from the company's investment portfolio, with the number of shares and price to be determined by the board of directors and management based on market conditions.
  • Since its conversion to a public company in October 1994, MFFC shares have traded between $10.00 and $15.75, with a closing sale price of $14.50 on November 10, 1995.
  • The company operates two offices: the main office in West Milton, Ohio (Miami County), and a branch in Englewood, Ohio (Montgomery County).
  • The board of directors, management, and employees thank the shareholders for their confidence in Milton Federal as it celebrates its first year as a public company.

Statistics:

  • Special dividend: $1.00 per share payable on December 8, 1995, to all shareholders recorded as of November 27, 1995.
  • Stock purchase program: up to 5% of outstanding common shares may be purchased in the over-the-counter market over the next 12 months.
  • Shares outstanding: 2,578,875
  • Closing sale price on November 10, 1995: $14.50
  • Trading range since conversion: $10.00 to $15.75
  • Number of offices operated: 2 (main office in West Milton, Ohio, and a branch in Englewood, Ohio)

Sources:

  • Business Wire, November 13, 1995
  • Milton Federal Financial Corp., News Release, November 13, 1995

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