PennFed Financial Services Announces 2 for 1 Stock Split

Strategic Insights -

PennFed Financial Services, the holding company for Penn Federal Savings Bank, has announced a 2 for 1 stock split in the form of a 100% stock dividend. This move aims to enhance stockholder value and make the company's common stock more appealing to both private and institutional investors. The stock split will be payable on February 10, 1998, to common stockholders of record as of January 27, 1998.

Key Takeaways:

  • The stock split will result in a 100% stock dividend, with stockholders receiving one share of common stock for every share owned as of the record date.
  • The goal of the stock split is to reduce the market price of the company's common stock, making it more attractive to investors.
  • PennFed Financial Services is headquartered in New Jersey and operates offices in 14 locations across the state.
  • The bank's deposits are insured by the Federal Deposit Insurance Corporation.
  • The stock split is in line with the company's efforts to enhance stockholder value and appeal to a wider range of investors.

Statistics:

  • The 2 for 1 stock split will be payable on February 10, 1998.
  • Shareholders of record as of January 27, 1998, will be eligible for the stock split.
  • The company has offices in 14 locations across New Jersey, including Bayville, Brick, Caldwell, East Newark, Fairfield, Farmingdale, Harrison, Marlboro, Montclair, Newark, Old Bridge, Sayreville, Upper Montclair, and Verona.
  • The bank's deposits are insured up to $100,000 by the Federal Deposit Insurance Corporation.

Sources:

  • PennFed Financial Services, Inc.
  • Jeffery J. Carfora, SVP & CFO of PennFed Financial Services (973-669-7366, ext. 202)