Community Trust Bancorp, Inc. Announces Stock Repurchase Program.PIKEVILLE, Ky.--(BUSINESS WIRE)--Dec. 9, 1998--Community Trust Bancorp, Inc. (Nasdaq:CTBI CTBI Churches Together in Britain and Ireland ) announced today that its Board of Directors has approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program pursuant to which the company is 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: to purchase up to 500,000 shares of its outstanding common stock. Under the buy-back program, which is effective immediately, the company will purchase shares from time to time in the open market depending on market prices and other considerations. The shares will be used to meet obligations under the company's employee stock option incentive and benefits plan. Burlin Coleman, Chairman, stated, "We believe that investing in the company's common stock at current prices represents an attractive use of the company's funds. The company's financial condition will allow us to repurchase its common stock while carrying out plans for its continued growth." Community Trust Bancorp, Inc. is a $2.25 billion asset bank holding company based in Pikeville, Kentucky Pikeville is a city in Pike County, Kentucky, United States. The population was 6,295 at the 2000 census. It is the county seat of Pike CountyGR6. Pike County has a population of approximately 70,000. , with 69 branches in central and eastern Kentucky and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . |
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