CENIT Announces Share Repurchase.Business Editors NORFOLK, Va.--(BUSINESS WIRE)--May 1, 2000 The Board of Directors of CENIT Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CNIT CNIT Center of New Information Technologies ) has recently given the Company's management the discretion to repurchase up to an additional 5%, or approximately 233,000 shares of CENIT common stock. This authorization is subject to receipt of regulatory approval. This share buyback is in addition to the previously announced share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorization of up to 150,000 shares, of which 77,000 has been repurchased. The Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to conduct the repurchases at all, and the Company's decision to do so, as well as the timing of any repurchase, will depend on a variety of factors. |
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