Century Bancorp, Inc. Announces Approval of Stock Repurchase Plan.THOMASVILLE, N.C.--(BUSINESS WIRE)--Aug. 14, 1998--James G. Hudson Jr., president of Century 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 Small Cap:CENB), Thomasville, announced that the Company's Board of Directors has adopted a stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . Under the stock repurchase plan, Century Bancorp will be able to repurchase shares of its outstanding common stock in the open market or in privately negotiated transactions at times deemed appropriate. Mr. Hudson stated: "The Board's action was based on its conclusion that the ability to repurchase stock under certain appropriate circumstances will help the Company enhance the value of its common stock for its stockholders and manage its capital." Under the plan, the Company could not use more than 10% of its consolidated net worth to make repurchases during any 12 month period. The Company intends to make all repurchases in compliance with applicable regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and to admiminister the plan in accordance with applicable securities and other laws. As of June 30, 1998, Century Bancorp had consolidated assets of $96.9 million, consolidated stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $18.7 million and 1,270,859 shares outstanding. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Home Savings Inc., SSB SSB Statistisk Sentralbyrå (Statistics Norway) SSB Super Smash Bros (video game) SSB Space Studies Board SSB Single Side Band SSB Single Stranded DNA-Binding Protein SSB Salomon Smith Barney is located in Thomasville. The Company's common stock is listed for quotation on the NASDAQ Small Cap market under the symbol "CENB."
CONTACT: Century Bancorp, Inc.
James G. Hudson, Jr., President, 336/475-4663
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