CNB Bancorp, Inc. Announces Stock Repurchase.Business Editors GLOVERSVILLE, N.Y.--(BUSINESS WIRE)--April 30, 2003 CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) Bancorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNBI CNBI Communications Network Billing, Inc. ) announced today that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase of an additional 5% of its outstanding shares, approximately 111,000 shares, of its common stock over a two year period commencing June 1, 2003, continuing the Company's limited stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . The stock repurchase plan authorizes the Company to make repurchases from time to time in the open market or in privately negotiated transactions. Repurchased common shares will be added to the Company's treasury shares, and will be used to meet the Company's requirements for its stock option plans, employee benefit plans and for other corporate purposes. At March 31, 2003, the Company had 2,221,761 shares of common stock outstanding. This action represents a continuation of the Company's limited stock repurchase plan, first announced on February 1, 1999. The Company has repurchased a total of 216,369 of its common shares to date under the plan. With assets of $398 million at March 31, 2003, CNB Bancorp, Inc. is a financial holding company, whose subsidiaries, City National Bank and Trust Company and Hathaway Agency, Inc., provide commercial banking, retail banking, trust and insurance services in Fulton and Saratoga Counties. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion