Sept 26 - The board of directors of Capital Bank Financial Corp. in Coral Gables, Fla., (Nasdaq:CBF) has authorized the repurchase of up to $100 million of its common stock, from time to time, subject to market conditions and other factors. Repurchases under the program may be made through open market or privately negotiated transactions at times and in such amounts as management deems appropriate, subject to market conditions, regulatory requirements and other factors. The program does not obligate the Company to repurchase any particular amount of common stock, and may be suspended or discontinued at any time without notice. Shares repurchased under the program are expected to be held as treasury shares.
Gene Taylor, chairman and CEO of Capital Bank, commented, "We are targeting low double-digit return on tangible common equity by improving return on assets and by deploying our capital in a thoughtful and disciplined fashion. We expect to deploy our capital both by making acquisitions and by returning excess to investors."