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OFED > SEC Filings for OFED > Form 8-K on 15-Mar-2013All Recent SEC Filings

Show all filings for OCONEE FEDERAL FINANCIAL CORP. | Request a Trial to NEW EDGAR Online Pro



Other Events, Financial Statements and Exhibits

Item 8.01 Other Events.

On March 15, 2013, the Board of Directors of Oconee Federal Financial Corp. (the "Company") authorized a stock repurchase program pursuant to which the Company intends to purchase up to 175,000 of its issued and outstanding shares of common stock, which represents approximately 9.0% of the Company's issued and outstanding shares (excluding shares that Oconee Federal, MHC currently holds). The repurchase program will commence immediately. 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 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.

In connection with the authorization of this stock repurchase program, the Board of Directors of the Company terminated the Company's existing stock repurchase program, which had authorized the Company to purchase up to 175,000 shares of its issued and outstanding common stock. The Company had previously purchased a total of 175,000 shares of its common stock at a weighted average price of $15.54 per share under the existing stock repurchase program.

Item 9.01 Financial Statements and Exhibits

(a) Financial Statements of businesses acquired. Not Applicable.

(b) Pro forma financial information. Not Applicable.

(c) Shell company transactions. None.

(d) Exhibits. None.

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