North Fork to Increase Its Common Share Repurchase Program to 16 Million Shares
October 07 2005 - 8:35AM
Business Wire
North Fork Bancorporation, Inc. (NYSE: NFB) announced that its
Board of Directors approved an increase to its previously announced
share repurchase program by 13 million shares bringing the total
authorized for repurchase to approximately 16 million shares. "This
action is consistent with our present capital management strategies
where we have chosen to reduce the size of our balance sheet
enabling us to create more value for our shareholders," said John
Adam Kanas, Chairman, President and Chief Executive Officer. The
common stock repurchase program will be done from time to time in
open market or through private transactions, subject to market
conditions. The repurchased shares will be used for general
corporate purposes. North Fork is a regional bank holding company
headquartered in New York with approximately $60 billion in assets
conducting commercial and retail banking from 360 branch locations
in the Tri-State area with a complementary national mortgage
banking business.
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