DES PLAINES, Ill. -- Firstfed Bancshares said it plans to buy back 5% of its outstanding shares in the open market over the next six months.

The company said the shares will be purchased at prevailing market prices from time to time during the period, depending on market conditions.

Firstfed said its board approved the repurchased program in view of the current price level of its common stock and the strong capital position of its subsidiary, First Federal Bank for Savings.

At Aug. 31, the company had 2,919,616 shares outstanding.

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