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Kearny Financial commences new buyback plan

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Kearny Financial commences new buyback plan

Kearny Financial Corp.'s board approved a new buyback plan, authorizing repurchases of up to 9,218,324 common shares, or 10% of the company's currently outstanding common stock.

Shares will be repurchased from time to time in the open market, through block trades, in privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1.

The new buyback plan followed the recent completion of the Fairfield, N.J.-based company's previous buyback program that authorized the repurchase of up to 10,238,557 common shares. The company repurchased these shares for a total cost of $138.8 million, or an average cost of $13.55 per share.