Territorial adopts $5M buyback program
Territorial Bancorp Inc. said its board has adopted a ninth stock repurchase program that will allow it to repurchase up to $5 million of the company’s outstanding shares.
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Territorial Bancorp Inc. said its board has adopted a ninth stock repurchase program that will allow it to repurchase up to $5 million of the company’s outstanding shares. This represents an estimated 1.92% of the outstanding shares of Territorial Savings Bank’s parent company.
The repurchase program permits shares to be repurchased in open market or private transactions at prices that management considers to be attractive and in the best interests of both the company and its stockholders.
Territorial, which made the announcement after the market closed Thursday, dipped 2 cents to $27.55 Friday.
First Hawaiian receives ‘outstanding’ rating
First Hawaiian Bank received a rating of “outstanding” in its most recent evaluation by the Federal Deposit Insurance Corp. for its performance under the Community Reinvestment Act of 1977. The FDIC’s highest performance rating is for the period from March 2016 to September 2018. The CRA encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. First Hawaiian said it is the only bank in Hawaii to receive an outstanding rating from the FDIC for nine consecutive evaluation periods that date back to 1995.
During the recent evaluation period, First Hawaiian made loans totaling $975.1 million to support affordable-housing projects, nonprofit organizations serving low- and moderate- income individuals, economic development and the revitalization and stabilization of low- and moderate-income areas.