Central Bancorp, Inc., Announces Fourth Stock Repurchase Program.Business/Technology Editors SOMERVILLE, Mass.--(BUSINESS WIRE)--Dec. 18, 2000 -Central 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 National Market: CEBK) 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 Company's fourth stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, under which it will acquire up to 84,458 shares of its common stock. This represents 5% of the 1,689,164 shares of common stock currently issued and outstanding. Since the adoption of the first buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program in April 1999, Central Bancorp has repurchased a total of 280,836 shares of its common stock at an average cost of $18.29 per share, representing 14.3% of the common stock issued and outstanding before the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program was initiated. Completion of the fourth stock repurchase program is dependent upon market conditions, and there is no guarantee as to the exact number of shares the Company will repurchase. In addition, the timing of stock repurchases may be subject to certain regulatory restrictions. John D. Doherty, President & Chief Executive Officer of Central Bancorp, Inc., noted that the Board of Directors and management continue to believe that repurchasing the Company's common stock is an attractive investment, primarily because the stock is trading below its book value, which was $21.76 at September 30, 2000. Mr. Doherty also indicated that the reduction in the amount of outstanding stock is anticipated to benefit the Company's stockholders over the long term by increasing per-share earnings and book value. Central Bancorp, Inc., is the holding company for Central Bank, whose legal name is Central Co-operative Bank The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour as stated in its , a Massachusetts-chartered co-operative bank operating eight full-service banking offices in suburban Boston. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion