August Spencer
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Oconee Federal Financial Corp. (OTCQX: OFED), the holding company for Oconee Federal Savings and Loan Association, announced an authorized stock repurchase program pursuant to which the company intends to purchase up to 50,000 of its issued and outstanding shares of common stock, which represents approximately 0.86 percent of the company’s issued and outstanding shares.
Officials said the timing of the purchases will depend on certain factors, including but not limited to, market conditions and prices, available funds and alternative uses of capital.
The officials said the stock repurchase program may be carried out through open-market purchases, block trades, negotiated private transactions and pursuant to a trading plan that will be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
Any repurchased shares will be held by the company as treasury shares, the officials said.
Oconee Federal Savings and Loan Association is a federally chartered savings and loan association founded in 1924 and headquartered in Seneca, South Carolina.
Oconee Federal Savings and Loan Association is a community oriented financial institution operating eight full-service branch locations in Oconee County, South Carolina, Pickens County, South Carolina, Darlington County, South Carolina, Stephens County, Georgia, and Rabun County, Georgia.
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