June 6 - Honolulu-based Territorial Bancorp Inc., (Nasdaq: TBNK), the holding company parent of Territorial Savings Bank, has adopted a fourth stock repurchase program. Under this repurchase program, the company may repurchase up to 532,000 shares of its common stock, or approximately 5 percent of the current outstanding shares.
Allan S. Kitagawa, CEO of the company, stated: "we are pleased to announce our fourth stock repurchase plan. The board of directors believes this repurchase plan should enhance the long term interest of the company's shareholders."
The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the company to purchase any particular number of shares.