Kentucky First Federal Bancorp Announces Payment of Quarterly Dividend
Posted on April 20, 2012 at 14:22 PM EDT
HAZARD and FRANKFORT, Ky., April 20, 2012 (GLOBE NEWSWIRE) -- Kentucky First Federal Bancorp (Nasdaq:KFFB), the holding company for First Federal Savings and Loan Association of Hazard, Kentucky and First Federal Savings Bank of Frankfort, Kentucky, announced that the Company's Board of Directors declared a cash dividend of $0.10 per share, payable on May 21, 2012, to stockholders of record as of April 30, 2012. Tony Whitaker, Chairman and CEO of the Company, stated that the Board of Directors determined that the payment of the dividend was appropriate in light of the Company's capital position and financial condition. For the first time since the Company's inception, the Company's majority shareholder, First Federal MHC, has been unable to obtain the necessary permission to waive these dividends from the appropriate regulatory agency—in this case, the Board of Governors of the Federal Reserve System. First Federal MHC is considering steps to comply with recently adopted regulations in order to secure this waiver in the future. Over time, the failure to obtain this waiver could result in a reduction in the dividend paid to public shareholders.
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the ability of First Federal MHC to waive dividends and changes in the securities markets. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank, which operates three banking offices in Frankfort, Kentucky. Kentucky First Federal Bancorp shares are traded on the NASDAQ National Market under the symbol KFFB. At March 31, 2012, the Company had approximately 7,735,703 shares outstanding of which approximately 61.1% was held by First Federal MHC.
CONTACT: Don Jennings, President (502) 223-1638 Clay Hulette, Vice President (502) 223-1638 Tony Whitaker, Chairman (606) 436-3860
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