HAZARD, Ky. and FRANKFORT, Ky., Aug. 23, 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 September 28, 2012, to shareholders of record on September 10, 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.
On July 10, 2012, the Company had announced that First Federal MHC, the company that owns 61.2% of the outstanding stock of Kentucky First Federal, would be soliciting the members of the company to approve the waiver of the receipt of dividends on the shares owned by First Federal MHC. A special meeting of the members was held today at which 64.3% of the votes eligible to be cast were in favor of the proposal to waive the dividend. Mr. Whitaker expressed great pleasure in noting that 99% of those members voting affirmed the proposed dividend waiver. First Federal MHC will now submit the results of this vote along with other information to the Federal Reserve for final approval of the dividend waiver. While management believes that, with the positive member vote, all requirements of the Federal Reserve's Regulation MM have been fulfilled, there can be no guarantee that they will approve the waiver.
The waiver will apply to all dividends declared by Kentucky First Federal Bancorp in the twelve months following the date of the Special Meeting. The Board intends to resume the quarterly dividend schedule the Company has used since its inception with the next dividend record date being on or about October 31, 2012, with payment on or about November 19, 2012. However, future dividends are not guaranteed and are declared at the discretion of the Board.