Capital Crossing Bank Announces Increase and Extension of Stock Repurchase Program
July 14 2006 - 10:42AM
Business Wire
Capital Crossing Bank (NASDAQ:CAPX) (the "Bank") announced today
that it has increased the amount of its common stock repurchase
program by $10.0 million and extended the repurchase program until
July 11, 2007. As of July 12, 2006, the Bank may spend up to
approximately $11.5 million to repurchase shares of its common
stock on the open market or in privately negotiated transactions,
subject to regulatory considerations. These changes to the
repurchase program have been approved by the Bank's Board of
Directors and regulatory authorities. As of July 12, 2006, the Bank
had repurchased 7,157,233 shares under its current repurchase
program and previous repurchase programs. Capital Crossing Bank is
a Massachusetts-chartered, FDIC-insured trust company with $1.0
billion in assets as of March 31, 2006. The Bank operates as a
commercial bank, providing financial products and services to
customers through its executive and main offices in Boston, its
website at www.capitalcrossing.com, and through its leasing
subsidiary Dolphin Capital Corp. located in Moberly, Missouri. The
Bank is a value oriented investor in whole loans and loan
portfolios generally secured by commercial, multi-family and
one-to-four family residential real estate and other business
assets.
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