Klamath First Bancorp of Klamath Falls, Ore., said it would repurchase 20% of its outstanding stock in a Dutch auction tender.

The $1 billion-asset thrift, which converted from a mutual to a stock holding company in 1995, said the buyback would quickly improve its return on equity and earnings per share. The transaction, announced Oct. 9, involves more than 1.98 million shares.

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