Ahmanson to Buy Back $400 Million in Stock

H.F. Ahmanson & Co. said it will repurchase $400 million of its stock, its fifth program in about two years. The second-largest U.S. thrift would acquire 6.55 million shares, or 6.7%, of total shares, based on Friday’s closing price. Ahmanson, the Irwindale-based parent of Home Savings of America, has $46.8 billion in assets and 371 branches in California, Texas and Florida. Since October 1995, the company has repurchased $817 million in stock, or 22% of its shares outstanding. Including this latest program, Ahmanson has authorized repurchase of $1.3 billion in common stock and $175 million to redeem preferred stock. Ahmanson in part accelerated its buyback program when it made a hostile offer to acquire Los Angeles-area rival Great Western Financial Corp. Great Western fought off the attempt and ultimately was acquired by Seattle-based Washington Mutual Inc. Ahmanson rose 6 cents to close at $61.13 on the NYSE.