Community Bank Announces Augmentation of Stock Repurchase Program.Business Editors Community Bank announced today that the Bank has received regulatory approval to 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. additional shares of its common stock from time to time in an aggregate amount of up to $5 million. Since inception of the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, the Bank has repurchased approximately 361,000 shares of its common stock. Since the Bank's common stock is not listed on an exchange or traded in the over the counter market, it is expected that any stock purchases will be through privately negotiated transactions. "We believe that the repurchase of our stock continues to be a prudent investment of corporate funds, is in the best interests of our shareholders, and may provide liquidity to shareholders who are seeking to sell their shares of common stock in the Bank," said V. Charles Jackson Charles Jackson may refer to:
At March 31, 2002, the Bank had assets of $1.3 billion, deposits of $1.1 billion and 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 $112 million. As of March 31, 2002, there were 3,040,631 shares of the Bank's common stock outstanding. |
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