Central Bancorp, Inc. Completes Second Stock Repurchase Program and Commences Third Stock Repurchase Program.Business Editors SOMERVILLE Somerville. 1 City (1990 pop. 76,210), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, set off from Charlestown 1842, inc. as a city 1871. , Mass.--(BUSINESS WIRE)--June 8, 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 it has completed its second stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program which it adopted in October 1999, pursuant to which the Company repurchased 93,583 shares of Common Stock at an average cost of $16.52 per share. Through June 7, 2000, the Company has repurchased a total of 191,933 shares of its Common Stock at an average cost of $18.61 per share. The Company will now commence its previously announced third stock repurchase program under which it intends to acquire up to 88,903 shares of the Corporation's common stock, representing approximately 5% of the shares outstanding. Completion of the third stock repurchase programs is dependent upon market conditions and there is no guarantee as to the exact number of shares to be repurchased by the Company. In addition, the timing of stock repurchases is subject to certain regulatory restrictions. John D. Doherty, President of the Company, previously stated that the 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 third stock repurchase program because the Board of Directors considers the Company's common stock to be an attractive investment. In addition, it is expected that a reduction in the amount of the Company's outstanding stock will have the effect of increasing the Company's 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 Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. chartered co-operative bank operating eight full-service banking offices in suburban Boston.
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