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Provident Financial Announces New Stock Buyback Program

3/21/2013 7:24 PM ET

Provident Financial Holdings, Inc. (PROV: Quote), the holding company for Provident Savings Bank, F.S.B., said Thursday that its Board of Directors authorized the repurchase of up to 5% of the company's common stock, or about 522,523 shares.

The company said it will purchase the shares from time to time in the open market or through privately negotiated transactions over a one-year period depending on market conditions, the capital requirements of the Company, and available cash that can be allocated to the stock repurchase plan, among other considerations.

The March 2013 stock repurchase program is effective immediately, since the company has completed the April 2012 stock repurchase program by purchasing the remaining 160,534 shares during the quarter ending March 31, 2013.

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by RTT Staff Writer

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