FFVA Financial Corp., the holding company of First Federal Savings Bank of Lynchburg, has announced its intention to repurchase as much as 10% of the company's outstanding common stock.
The company plans to repurchase the shares on open-market transactions. Repurchased shares will be retired.
The company completed its offering of common stock in connection with the conversion of First Federal Savings Bank of Lynchburg from a federally chartered mutual savings bank to a federally chartered stock savings bank on Oct. 12, 1994.
Three similar repurchase programs have been completed, resulting in the retirement of approximately 14% of the common stock originally issued.