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BURR RIDGE, Ill., Oct. 28, 2010 (GLOBE NEWSWIRE) -- BankFinancial Corporation (Nasdaq:BFIN) announced that its Board of Directors has declared a cash dividend of $0.07 per common share. The dividend will be payable on December 3, 2010 to stockholders of record on November 10, 2010.
In addition, the Board of Directors announced that it has extended the expiration date of the Company's current share repurchase authorization from November 15, 2010 until May 16, 2011. As of October 25, 2010 the Company had repurchased 4,239,134 shares of its common stock out of the 5,047,423 shares that had been previously authorized for repurchase.
The authorization permits shares to be repurchased in open market or negotiated transactions, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
The authorization will be utilized at management's discretion, subject to the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission (the "SEC") and other applicable legal requirements, and to price and other internal limitations established by the Company's Board of Directors.
The authorization will expire on May 16, 2011, and may be suspended, terminated or modified at any time prior to that date for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases.
The authorization does not obligate the Company to purchase any particular number of shares. Any shares that are repurchased pursuant to the authorization may be utilized to fund grants that are made under the Equity Incentive Plan that the Company's stockholders approved at the Company's 2006 Annual Meeting, and for other corporate purposes.
Share repurchases will be funded from available working capital, supplemented, if deemed necessary or desirable, with dividends from the Company's principal subsidiary that will be subject to regulatory approval or non-objection.