PennFed Financial Services, Inc. Amends Stockholder Protection Rights Agreement
February 27 2004 - 9:30AM
PR Newswire (US)
PennFed Financial Services, Inc. Amends Stockholder Protection
Rights Agreement WEST ORANGE, N.J., Feb. 27 /PRNewswire-FirstCall/
-- The Board of Directors of PennFed Financial Services, Inc. , the
holding company for the New Jersey-based Penn Federal Savings Bank,
approved an amendment to the Company's Stockholder Protection
Rights Agreement. The amendment increases the exercise price per
Right granted under the Stockholder Protection Rights Agreement to
$135 per Right and extends the expirationdate of the Rights
Agreement to February 24, 2014, unless terminated earlier in
accordance with the Rights Agreement. The Rights Agreement was
initially adopted on March 21, 1996 with an exercise price of $30
per Right (after adjusting to reflect a two-for-one stock split in
the form of a 100% stock dividend on the Company's Common Stock)
and a term expiring on March 21, 1996. On February 10, 1998, the
Company amended the Rights Agreement, increasing the exercise price
to $67.50 per Right and extending the term to February 10, 2008.
The Board of Directors believe that an increase in the exercise
price and an extension of the term of the Rights Agreement is again
appropriate in view of the appreciation in the market price of the
Company's Common Stock since the February 1998 amendment to the
Rights Agreement. The Rights Agreement was not adopted or amended
in response to any effort to acquire control of the Company. Penn
Federal Savings Bank maintains 23 branch offices. The Bank's
deposits are insured by the Federal Deposit Insurance Corporation.
DATASOURCE: PennFed Financial Services, Inc. CONTACT: Claire M.
Chadwick, CFO, PennFed Financial Services, Inc., +1-973-669-7366,
ext. 267
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