SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 18, 1999
FirstFed Financial Corp.
(Exact name of registrant as specified in its charter)
Delaware 1-9566 95-4087449
(State of Incorporation) (Commission File No.) (IRS Employer
Identification No.)
401 Wilshire Boulevard, Santa Monica, California, 90401-1490
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 319-6000
Total number of pages is 4
Index to Exhibit is on Page 3.
PAGE>
Item 5. Other Events.
On October 18, 1999, the registrant, FirstFed Financial Corp., issued a
press release. A copy of this press release is attached and incorporated
herein as Exhibit 99.
Item 7. Financial Statements and Exhibits
a) Financial Statements of businesses acquired.
Not applicable.
b) Pro forma financial information.
Not applicable.
c) Exhibits
99. Press release dated October 18, 1999.
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRSTFED FINANCIAL CORP.
Dated: October 18, 1999 By: ________/S/_______________
Babette E. Heimbuch
President and Chief
Executive Officer
<PAGE>
INDEX TO EXHIBITS
Item Page
99 Press Release dated October 18, 1999 4
<PAGE>
FIRSTFED ANNOUNCES STOCK REPURCHASE AUTHORIZATION
Santa Monica, California, October 18, 1999 - FirstFed
Financial Corp. (NYSE-FED), parent company of First Federal Bank
of California, announced that on October 15, 1999 its Board of
Directors authorized an expansion of its stock repurchase
program. The expansion will allow the Company to repurchase an
additional 920,471 shares, which represents 5% of the Company's
shares outstanding as of October 15, 1999.
Since September 1, 1998, the Company has repurchased a total
of 3,012,600 shares, at an average purchase price of $16.07 per
share. Of these shares, 274,000 represented the completion of a
prior repurchase plan adopted in October 1987. Ms. Babette
Heimbuch, Chief Executive Officer and President of the Company,
noted "I am extremely pleased that we have been able to continue
our stock repurchase program throughout the year. Management
continues to believe that these repurchases were consummated at
prices that represent an excellent investment for our
stockholders."
The Company further disclosed that it had retired
approximately $10,000,000 of its Senior Unsecured 11.75% debt, at
a price of 103% of the face value of the Notes, during the 3rd
Quarter of 1999. In addition to the stock repurchase program and
the retirement of nearly 20% of its Senior Notes, the Company
also announced that it consummated the purchase of approximately
$122 million of 1st Trust Deed residential mortgage loans from
another Southern California lender. The Company noted that the
portfolio was purchased at a par price and consists of 11th
District COFI monthly adjustable loans. The weighted average
margin on the pool is 2.448% and the average loan is seasoned
over 8 years.
Ms. Heimbuch commented that "It is extremely pleasing to
accomplish so many of our financial objectives in addition to
being able to increase our interest earning assets." Ms.
Heimbuch further stated, "In addition to the loan purchase, the
Company's residential and income property lending units continued
their strong performance during the quarter."
First Federal Bank of California continues to exceed the
capital requirements necessary to be deemed "well capitalized"
for regulatory capital purposes.
This press release contains certain forward-looking
statements that are subject to various factors which could cause
actual results to differ materially from such statements. Such
factors include, but are not limited to, the possibility that the
repurchase transaction discussed herein may not be consummated or
may be delayed due to changing economic, market or business
conditions.
