Delta Initiates Major Buy Back

Delta Financial Corp., Woodbury, N.Y., has made an offer to redeem all outstanding shares of its Series A 10% preferred stock.The stock will be bought back at par and the aggregate price is approximately $13.9 million. The scheduled date of the transaction is June 14. Richard Blass, Delta's executive vice president and chief financial officer said, "the redemption of our preferred stock, which will be completed using cash generated from our operations, will save us approximately $1.3 million in annual preferred dividend expense." Following the redemption, Delta's only class of outstanding securities will be its common stock.