Fulton Bancorp Inc. To Initiate Stock Repurchase Program.FULTON, Mo.--(BUSINESS WIRE)--Nov. 23, 1998--Fulton Bancorp Inc. (Nasdaq:FTNB FTNB First Texoma National Bank (Texas/Oklahoma) ) Monday announced that the Corporation has received regulatory approval to commence a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program to acquire up to 10%, or approximately 170,205 shares, of the Corporation's outstanding common stock. The program will commence on Nov. 25, 1998 and is expected to be completed within six months, at which time the Corporation will reevaluate the program and decide whether to terminate or continue it. Kermit D. Gohring, president and chief executive officer of the Corporation, explained that the Board of Directors considered the Corporation's stock an attractive investment relative to certain other investment alternatives. According to Gohring, the repurchases generally would be conducted through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases. No shares will be repurchased directly from directors or officers of the Corporation. The Corporation is a unitary savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company the sole subsidiary of which is Fulton Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , FSB (FrontSide Bus) See system bus. FSB - front side bus . |
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