Kaiser Federal Bank to be Renamed Simplicity Bank
October 09 2012 - 3:15PM
Kaiser Federal Financial Group, Inc. (the "Company") (Nasdaq:KFFG),
the holding company for Kaiser Federal Bank (the "Bank"), announced
effective November 13, 2012, the Bank will be renamed Simplicity
Bank. In addition, the Company will change its name to Simplicity
Bancorp, Inc. and its trading symbol to SMPL.
"We are very excited about our new name," said Dustin Luton,
President and Chief Executive Officer. Luton continued, "We
believe this new name aligns well with the core principles we were
founded upon - to provide value, personal service and financial
well being for our customers and communities. As Simplicity
Bank, we will continue this legacy as we grow and improve to make
the banking experience for our customers even easier with more
options, better technology, enhanced service capacity, a fresh look
and a renewed vision."
In order to better execute its business strategy, the Company
recently completed an extensive market and brand evaluation
analysis resulting in the selection of this new name. The name
change is part of the broader business strategy to operate as a
community bank serving the financial needs of all customers within
its communities. Furthermore, the Company believes the new name
will eliminate any confusion that might be experienced by potential
customers in its markets, and differentiate the Bank from its
competitors to ensure future growth and success. Simplicity Bank
will continue to serve Kaiser Permanente employees and their family
members as well as being better positioned to serve the needs of
all customers within its market footprint.
In conjunction with the name change, the Company is developing
an extensive branding campaign which will include signage, branch
remodeling, advertising, training and other operating
costs. The capital expenditures related to these activities
are estimated at $600,000 in fiscal 2013 which will result in
annual depreciation expense of $120,000. We also expect an
increase in advertising and promotional expense in fiscal 2013 in
the amount of $650,000 and an increase in other categories of
noninterest expense of $180,000 related to these efforts.
Kaiser Federal Financial Group, Inc. is the parent corporation
for Kaiser Federal Bank, a federally chartered savings bank
headquartered in Covina, California. The Bank operates three
full service branches and five financial service centers in
California, as well as a statewide network of 58 ATMs.
Kaiser Federal Financial Group, Inc. stock trades on NASDAQ
under the KFFG symbol. For additional information, visit
www.kffg.com or www.kaiserfederal.com.
Except for the historical information contained in this press
release, the matters discussed may be deemed to be forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, that involve risks and
uncertainties. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimate" and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could" or "may." Forward-looking statements, by their nature, are
subject to risks and uncertainties. Certain factors that
could cause actual results to differ materially from expected
results include increased competitive pressures; changes in the
interest rate environment; demand for loans in Kaiser Federal
Bank's market area; adverse changes in general economic conditions,
either nationally or in Kaiser Federal Bank's market areas; adverse
changes within the securities markets; legislative and regulatory
changes that could adversely affect the business in which the
Company and its subsidiary are engaged; the future earnings and
capital levels of Kaiser Federal Bank, which would affect the
ability of the Company to pay dividends in accordance with its
dividend policies; and other risks detailed from time to time in
the Company's Securities and Exchange Commission
filings. Actual strategies and results in future periods
may differ materially from those currently expected. We
caution readers not to place undue reliance on forward-looking
statements. The Company disclaims any obligation to revise or
update any forward-looking statements contained in this release to
reflect future events or developments.
CONTACT: For more information contact:
Dustin Luton, President and Chief Executive Officer
Jean M. Carandang, Chief Financial Officer
(626) 339-9663 x1207
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