The second-largest shareholder of Klamath First Bancorp in Oregon has cashed out.

An investment partnership led by James J. Cramer, co-chairman of the popular financial news Web site, has shed its 8.9% stake in Klamath First, a $1 billion-asset thrift based in Klamath Falls.

Cramer Partners LP, New York, sold 830,350 shares at prices ranging from $17.28 to $19.50, according to a Jan. 27 filing with the Securities and Exchange Commission.

Klamath First's stock price has fallen 19% since Jan. 1. The thrift repurchased 20% of its stock this month, or 1.984 million shares, for $38.7 million.

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