Commercial Federal (NYSE:CFB)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Commercial Federal Charts. Click Here for more Commercial Federal Charts.](/p.php?pid=staticchart&s=NY%5ECFB&p=8&t=15)
The Board of Directors of Commercial Federal Corporation
(NYSE:CFB) today announced a 7.4% increase in its regular quarterly
cash dividend to $0.145 per share. The cash dividend is payable July
7, 2005 to shareholders of record on June 23, 2005.
"This represents the 10th increase in the dividend over the last
ten years. Maintaining an attractive dividend yield is an integral
part of the total return to our shareholders," said William A.
Fitzgerald, chairman of the board and chief executive officer.
The Board also authorized the repurchase of up to 1.5 million
shares of the Company's outstanding common stock, which represents 4%
of the 39,019,557 shares outstanding as of March 31, 2005. This
repurchase plan is expected to be completed by December 2006.
"After completing our existing share repurchase authorization
ahead of schedule, our board supported this new authorization," noted
Mr. Fitzgerald. "The repurchase of shares remains an important
strategy in managing the Company's capital and thereby enhancing
long-term shareholder value."
He concluded, "Growing the core commercial banking franchise and
managing capital prudently are our primary drivers."
The company can make share repurchases at any time and in any
amount, as governed within certain regulatory parameters and as market
conditions dictate. Repurchases will generally be on the open-market,
although privately negotiated transactions are possible.
Commercial Federal Corporation (NYSE:CFB) is the parent company of
Commercial Federal Bank, a $10.4 billion federal savings bank that
currently operates branches located in Nebraska, Iowa, Colorado,
Kansas, Oklahoma, Missouri and Arizona. Commercial Federal operations
include consumer and commercial banking services including commercial
and industrial lending, small business banking, construction lending,
cash management, insurance and investment services, and Internet
banking.
Certain statements contained in this release are forward-looking
in nature. The amount and timing of future cash dividends and share
repurchases will depend on the Company's earnings, cash requirements
and financial condition, government regulations, changes in general
economic conditions, changes in interest rates, changes in regulations
or accounting methods, and price levels and conditions in the public
securities markets generally and other factors deemed relevant by the
Company's board of directors.