MILWAUKEE, Feb. 6, 2017 /PRNewswire/ -- Bank Mutual Corporation (NASDAQ: BKMU) announced that its Board of Directors declared a quarterly cash dividend of $0.055 per share. The cash dividend will be paid on February 27, 2017, to shareholders of record on February 17, 2017.
Bank Mutual Corporation also announced that its Board of Directors approved a new stock repurchase program to replace a previous plan that expired on February 1, 2017. Under the plan approved today, Bank Mutual Corporation may repurchase up to 500,000 shares of its common stock, which represents 1.1% of its currently outstanding shares. Repurchases may be made from time to time and will be effectuated through open market purchases, unsolicited negotiated transactions, or in such other manner deemed appropriate by management. The repurchase program does not specify the timing of purchases or the prices to be paid. Bank Mutual Corporation's repurchase activities will take into account SEC safe harbor rules and guidance for issuer repurchases.
The cash dividend is the sixty-fifth quarterly cash dividend paid by Bank Mutual Corporation since becoming a capital stock organization. Bank Mutual Corporation is the third largest banking institution headquartered in the state of Wisconsin, with assets of $2.6 billion on December 31, 2016. Its subsidiary bank, Bank Mutual, operates 64 offices in the state of Wisconsin and one office in Minnesota.
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SOURCE Bank Mutual Corporation