Eagle Financial Bancorp, Inc. Announces Stock Repurchase Program and SEC Deregistration
Eagle Financial Bancorp, Inc. (the “Company”) (OTCQB: EFBI), the holding company for Eagle Savings Bank, today announced that its Board of Directors has adopted a new stock repurchase program pursuant to which the Company may repurchase up to 78,673 shares of its common stock, or approximately 5.0% of the Company’s outstanding shares. Since announcing its first repurchase program in December 2018, the Company has repurchased 81,285 shares of its common stock at an average price of $15.90 per share.
Gary Koester, President and Chief Executive Officer of the Company, stated, “The continued repurchase of our common stock is part of our long-term commitment to enhancing shareholder value. We may continue to repurchase our common stock when we determine that it is an attractive use of capital.”
The Company also announced today that its Board of Directors approved the termination of the registration of its common stock under the Securities Exchange Act of 1934, as amended. A Form 15 will be filed with the Securities and Exchange Commission (the “SEC”) on or about August 6, 2020 in order to effect such deregistration.
Mr. Koester said, “The Company is taking this action to reduce the legal, accounting and administrative costs associated with being an SEC reporting company. The decision by the Board of Directors to deregister was made after careful consideration of the advantages and disadvantages of being a public reporting company and the high costs and demands on management’s time arising from compliance with our ongoing SEC reporting requirements.”
The obligation of the Company to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will be suspended upon filing of the Form 15. Once the Form 15 is effective, which is expected to occur within 90 days of filing, the obligations of the Company to file proxy materials and other reports with the SEC will also be suspended. The Company intends to continue to report quarterly earnings via press release which will be publicly available on the Company’s website at www.eaglesavings.com.
After deregistration, the Company anticipates that its common stock will continue to be quoted on the OTCQB Market to the extent market makers continue to make a market in its shares. No guarantee, however, can be made that a trading market in the Company’s common stock in any over-the-counter market will be maintained.
About Eagle Savings Bank
Eagle Savings Bank, an Ohio chartered savings association headquartered in Cincinnati, Ohio, was originally chartered in 1882. At March 31, 2020 Eagle Financial Bancorp, Inc., our holding company, had $144.1 million of total assets, $113.2 million of total deposits and $28.1 million of total stockholders’ equity. We provide financial services primarily to individuals, families and businesses through our main office and two branch offices located in Hamilton County, Ohio.