RIVERSIDE, Calif.--(BUSINESS WIRE)--
Provident Financial Holdings, Inc. ("Company") (NASDAQ:PROV), the
holding company for Provident Savings Bank, F.S.B., today announced
that its Board of Directors authorized the repurchase of up to 5% of
its common stock (approximately 333,365 shares). The new program is
the result of the anticipated early completion of the May 2006 stock
repurchase program. A total of 320,852 shares have been purchased
under the May 2006 stock repurchase program, at an average cost of
$30.07 per share, leaving 29,706 shares available for future
purchases.
Under the January 2007 program, shares will be purchased from time
to time in the open market or privately negotiated transactions over a
one-year period (once the May 2006 program has been completed)
depending on market conditions and the capital requirements of the
Company. This repurchase program represents the 13th buyback program
through which the Company has previously purchased approximately 5.59
million shares.
Safe-Harbor Statement
Certain matters in this News Release constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to, among
others, expectations of the business environment in which the Company
operates, projections of future performance, perceived opportunities
in the market, potential future credit experience, and statements
regarding the Company's mission and vision. These forward-looking
statements are based upon current management expectations, and may,
therefore, involve risks and uncertainties. The Company's actual
results, performance, or achievements may differ materially from those
suggested, expressed, or implied by forward-looking statements due to
a wide range of factors including, but not limited to, the general
business environment, interest rates, the California real estate
market, competitive conditions between banks and non-bank financial
services providers, regulatory changes, and other risks detailed in
the Company's reports filed with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the fiscal
year ended June 30, 2006. Forward-looking statements are effective
only as of the date that they are made and Provident Financial
Holdings, Inc. assumes no obligation to update this information.
Source: Provident Financial Holdings, Inc.
Contact: Provident Financial Holdings, Inc.
Craig G. Blunden, Chairman, President & CEO
or
Donavon P. Ternes, Senior Vice President & CFO
951-686-6060