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Robert Powell, III// September 4, 2013//
Glen Allen-based Franklin Financial Corp., the parent company of Franklin Federal Savings Bank, plans to repurchase up to 5 percent of its outstanding shares.
The company said the repurchase, totaling 612,530 shares, will be made from time to time in the open market or through privately negotiated transactions. The stock is traded on the NASDAQ exchange.
“Our strong capital position provides us with the flexibility to repurchase shares when the opportunities arise and reinforces our commitment to enhance long-term shareholder value,” Richard T. Wheeler Jr., the company’s chairman, president and CEO, said in a statement.
Franklin Federal operates eight branches in the Richmond area.
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