Collective Bancorp announces stock repurchase program.EGG HARBOR Egg Harbor may refer to the following places in the United States of America:
See: Over-the-counter. OTC See over-the-counter market (OTC). :COFD COFD Contracting Officer's Final Decision COFD Cost of Financial Distress ) intends to implement a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program for the purchase of up to 5 percent of its outstanding common stock, it was announced Tuesday by Thomas H. Hamilton, chairman and chief executive officer. The repurchases will be made in open market transactions from time to time as deemed prudent by management. Commenting on the announcement, Hamilton stated that "the stock repurchase program is being instituted because Collective Bancorp believes that it is a good investment opportunity given the current market price for the common stock. "The return on equity and price to earnings ration makes an investment in the stock a better use of the company's funds than other investment opportunities available to Collective at this time," Hamilton added. Collective Bancorp is the parent holding company for Collective Bank. Headquartered in Egg Harbor, Collective Bank operates 78 banking offices throughout New Jersey and Northern Delaware. At Sept. 30 Collective Bancorp had 20,265,526 shares of common stock outstanding. CONTACT: Collective Bancorp Inc., Egg Harbor Scott Page Scott Page is a session musician, and is frequently hired to perform with bands on tour. He is a multi-instrumentalist, playing guitar, saxophone, flute and other instruments. , 609/625-1110 |
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