8-K 1 ofed-8k_051421.htm CURRENT REPORT





Washington, D.C. 20549





Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): May 14, 2021


(Exact name of Registrant as specified in its charter)



(State or Other Jurisdiction

of Incorporation)



File Number)


(I.R.S. Employer

Identification No.)

201 East North Second Street, Seneca, South Carolina 29678

(Address of principal executive offices)


(864) 882-2765

Registrant's telephone number, including area code


Not Applicable

(Former Name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  Securities registered pursuant to Section 12(b) of the Act:


Title of each class  



  Name of each exchange on which registered
Common Stock,
par value $0.01 per share
  OFED   The NASDAQ Stock Market, LLC


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 8.01

Other Events.


On May 14, 2021, Oconee Federal Financial Corp. (the “Company”) authorized a stock repurchase program pursuant to which the Company intends to purchase up to 100,000 of its issued and outstanding shares of common stock, which represents approximately 1.79% of the Company’s issued and outstanding shares. The timing of the purchases will depend on certain factors, including but not limited to, market conditions and prices, available funds and alternative uses of capital. The stock repurchase program may be carried out through open-market purchases, block trades, negotiated private transactions and pursuant to a trading plan that will be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Any repurchased shares will be held by the Company as treasury shares.


In connection with the authorization of this stock repurchase program, the Company terminated its existing stock repurchase program, which had authorized the Company to purchase up to 100,000 shares of its issued and outstanding common stock. The Company had previously purchased a total of 98,939 shares of its common stock at a weighted average price of $26.61 per share under the existing stock repurchase program.


Item 9.01Financial Statements and Exhibits










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 hereunto duly authorized.







Date: May 17, 2021 By: /s/ John Hobbs  
    John Hobbs
    Chief Financial Officer
    (Duly Authorized Representative)