First Federal Bancshares of Arkansas Inc. Completes Stock Repurchase

On July 1, First Federal Bancshares of Arkansas Inc. completed its previously announced stock repurchase.

The Harrison-based unitary savings and loan holding company for First Federal Bank of Arkansas FA, First Federal bought 150,638 of its issued and outstanding shares.

Larry J. Brandt, the corporation’s present and CEO, said the bank would not disclose the price it paid for its stock. But during the transaction, which was completed between April 2 and June 28, the stock averaged about $24.50 per share, or $3.7 million, for the buyback if First Federal paid full price.

The bank also began another repurchase on July 1. This time its expected to included 143,306 shares, or about 5 percent of its outstanding stock.

“We firmly believe the repurchase of our stock at levels near book value is an extremely wise and prudent use of excess capital,” Brandt said.

As of March 31, the corporation had assets of $691.1 million.

The bank is 68 years old and serves 16 offices in north central and Northwest Arkansas.