Capitol Federal Financial Inc. in Topeka, Kan., has decided to wait until its one-year anniversary as a 100% stock-owned company before before pursuing a stock buyback program.
The one-time mutual holding company converted to a fully stock-owned company in December, raising roughly $1.1 billion.Thrifts are typically prohibited from repurchasing their stock until they have been fully public for at least one year, but the $9.6 billion-asset Capitol Federal had been seeking permission from the Federal Reserve Board to begin buying back its shares in August.
In a news release last week, Capitol Federal said that after discussions with the Fed it opted to withdraw the application it filed in July and will instead begin repurchasing shares in December.
The company reported a net income of $17.3 million and diluted earnings per share of 10 cents during its fiscal third quarter, which ended June 30.
