POSTED: 12:25 p.m. HST, May 20, 2014
LAST UPDATED: 12:29 p.m. HST, May 20, 2014
The board of Central Pacific Bank's parent has approved a new stock repurchase program to buy back up to $30 million of the company's outstanding common stock.
Repurchases may be made in the open market or privately negotiated transactions when deemed appropriate by management, the bank said.
Central Pacific Financial Corp. recently repurchased $125 million, or approximately 14.7 percent, of its common stock outstanding through a tender offer and private purchases from its two largest shareholders, which concluded on April 7.
The additional $30 million share repurchase, upon completion, would represent an estimated 4.6 percent of the total shares outstanding as of May 19 based on Monday's closing price of $18.06.
"We are pleased to be in a position to deploy excess capital by repurchasing additional shares, which is consistent with our long-term plan to enhance shareholder value," Central Pacific President and CEO John Dean said.
Central Pacific's stock closed down 26 cents at $17.80 Tuesday on the New York Stock Exchange. The repurchase program was announced after the market closed.