Central Pacific Financial Corp has just announced its new stock repurchase program.
The parent company of Central Pacific Bank has established the program which provides the repurchase of up to $30 million of the Company’s outstanding common stock.
The repurchases may be made from time to time, in the open market or privately negotiated transactions, as and when deemed appropriate by management and in accordance with applicable securities laws. There is no expiration date for the stock repurchase program.
The Company 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, 2014.
The additional $30 million share repurchase, upon completion, would represent an estimated 4.6% of the total shares outstanding as of May 19, 2014, based on Monday’s closing price of $18.06 per CPF share.
Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $4.8 billion in assets.