HAZARD and FRANKFORT, Ky., July 10, 2013 (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 August 19, 2013, to shareholders of record on July 31, 2013. Tony Whitaker, Chairman 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 9, 2013, First Federal MHC, the company that holds 55.4% of the outstanding stock of Kentucky First Federal Bancorp held a meeting of its members at which a majority approved a proposal whereby dividends to First Federal MHC would be waived for the next twelve months. The measure passed with 66.9% of the outstanding votes represented, of which 98.8% of the votes supported the waiver. First Federal MHC will now submit the results of this vote along with other information to the Board of Directors of 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 interim and proposed rule Reg MM have been fulfilled, there can be no guarantee that the Federal Reserve will approve the waiver.
The waiver will apply to all dividends up to an aggregate of $0.40 per share declared by Kentucky First Federal Bancorp in the upcoming twelve months.
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the ability of First Federal MHC to waive dividends and changes in the securities markets. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank, which operates six banking offices in Kentucky, including three in Frankfort, two in Danville, and one in Lancaster. Kentucky First Federal Bancorp shares are traded on the NASDAQ National Market under the symbol KFFB. At June 30, 2013, the Company had approximately 8,529,178 shares outstanding of which approximately 54.4% was held by First Federal MHC.