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Sound Financial Inc. Announces Stock Repurchase Program

^{Published on 2008-11-24 17:27:56 - Market Wire}
 

SEATTLE--([ BUSINESS WIRE ])--Sound Financial Inc. (OTCBB:SNFL), holding company for Sound Community Bank, announced today that its Board of Directors have approved a plan to repurchase up to 57,782 shares, or approximately 2% of its outstanding common stock.

The plan allows for shares to be purchased at prevailing market prices from time to time over a twelve-month period depending upon market conditions and other considerations. Repurchased shares will be used to fund the restricted stock portion of the 2008 equity incentive plan. The company currently has 2.8 million shares of common stock outstanding.

Sound Community Bank CEO Laurie Stewart stated: "In view of our strong capital position, we believe that the program is timely and that the repurchase of our shares will benefit both the company and our shareholders."

For the quarter ended September 30, 2008, the Company reported earnings of $223,000 or $.08 per diluted share, representing a 259% increase over earnings reported in the previous quarter. As of September 30, 2008, the Company had consolidated total assets of $291 million and total equity of $26.6 million. Sound Financial paid a cash dividend of $.04 per share on September 30, 2008 to common stockholders of record on September 15, 2008.

Sound Financial Inc. is the holding company for Sound Community Bank, a full-service bank, providing personal and business banking services in communities across the greater Puget Sound region. The Seattle-based company operates banking offices in King, Pierce, Snohomish and Clallam Counties, and is on the web at [ www.soundcb.com ].

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