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Kearny Financial Corp. Announces Resumption of Its Current Stock Repurchase Plan and Approval of a New 5% Stock Repurchase Plan
FAIRFIELD, N.J., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company for Kearny Bank, announced
About this update from Kearny Financial
[{"type":"text","content":"FAIRFIELD, N.J., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company for Kearny Bank, announced today that the Board of Directors has authorized the resumption of its current stock repurchase plan, which has 761,030 shares of Company common stock remaining to be repurchased. The current stock repurchase plan was temporarily suspended on March 25, 2020 due to the risks and uncertainties associated with the COVID-19 pandemic. Upon completion of its current stock repurchase plan, the Board of Directors has approved a new stock repurchase plan to acquire up to 4,475,523 shares or 5% of the Company’s outstanding common stock.\n Craig L. Montanaro, President & CEO noted, “Since our second-step conversion in May of 2015 our share repurchase program has returned in excess of $500 million of capital to our stockholders. As demonstrated by this most recent authorization, we believe that share repurchases remain an excellent strategy to build long-term shareholder value.” Repurchases will be made from time to time in the open market, through block trades, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Such repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company. About Kearny Financial Corp...