New Hampshire Thrift Bancshares gets OK to repurchase stock
The board of directors of New Hampshire Thrift Bancshares Inc., parent company of Lake Sunapee Bank, has authorized a stock repurchase plan allowing the company to repurchase up to 5 percent (253,776 shares) of its common stock outstanding as of June 14, according to a statement released by officials at the Newport bank.
The stock repurchase was authorized with hopes of enhancing long-term shareholder value.
The repurchases will be made on the open market at prevailing market prices or in privately negotiated transactions in accordance to regulations and at the discretion of company management.
Lake Sunapee Bank is a federally-chartered stock savings bank that provides banking and financial services from 24 locations in New Hampshire and Vermont.
New Hampshire Thrift Bancshares Inc. acquired Vermont-based Brandon Financial Corp. earlier this month, issuing 1.07 million shares of its common stock and paying $4.4 million to the stockholders of First Brandon Financial Corp. — TRACIE STONE