E*TRADE Financial Corporation (NASDAQ:ETFC) today announced that its
Board of Directors authorized the Company to repurchase up to $800
million of its common stock. The authorization is effective immediately
and extends through March 31, 2017.
“Today’s announcement brings our fourth major capital deployment action
in 2015, after having reduced and refinanced corporate debt, terminated
wholesale funding obligations, and begun the process of growing our
balance sheet to our targeted size of approximately $50 billion,” said
Paul Idzik, Chief Executive Officer. “It also marks the first time in
more than eight years that the Company has returned capital to
shareholders through a repurchase program – a natural next step to
continue driving value for our owners, while providing us with the
flexibility to evaluate further opportunities, should they arise.”
The repurchases may take place over the duration of the program at
prices the Company deems appropriate, and are subject to market
conditions. The repurchases may be effected in the open market, in
privately negotiated transactions, may utilize Rule 10b5-1 programs, and
may be suspended or terminated at any time.
About E*TRADE Financial
E*TRADE Financial and its subsidiaries provide financial services
including online brokerage and related banking products and services to
retail investors. Specific business segments include Trading and
Investing and Balance Sheet Management. Securities products and services
are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank products
and services are offered by E*TRADE Bank, a Federal savings bank, Member
FDIC, or its subsidiaries. More information is available at www.etrade.com.
Important Notices
E*TRADE Financial, E*TRADE, and the E*TRADE logo are trademarks or
registered trademarks of E*TRADE Financial Corporation. ETFC-G
Forward-Looking Statements
The statements contained in this news release that are forward looking,
including statements regarding the Company's ability to continue driving
value for its owners, and continue growing its balance sheet are
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995,
and are subject to a number of uncertainties and risks. Actual results
may differ materially from those indicated in the forward-looking
statements. The uncertainties and risks include, but are not limited to,
macro trends of the economy in general and the potential negative
regulatory consequences resulting from the implementation of financial
regulatory reform as well as from actions by or more restrictive
policies or interpretations of the Federal Reserve and the Office of the
Comptroller of the Currency or other regulators. Further information
about these risks and uncertainties can be found in the annual,
quarterly, and current reports on Form 10-K, Form 10-Q, and Form 8-K
previously filed by E*TRADE Financial Corporation with the Securities
and Exchange Commission (including information in these reports under
the caption “Risk Factors”). Any forward-looking statement included in
this release speaks only as of the date of this communication; the
Company disclaims any obligation to update any information.
© 2015 E*TRADE Financial Corporation. All rights reserved.
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