The Clifton bank plans to repurchase 680,000 shares.The board of Clifton Savings (NASDAQ: CSBK) has approved the repurchase of up to 680,000 shares of its stock held by investors other than Clifton Mutual Holding, its parent company. The repurchased shares are to be held in treasury.
The move marks the companyÂs second such initiative since it went public in March 2004. The company completed its first repurchase of 686,936 shares for $7.14 million in October 2005.
The buyback will take place under SEC rule 10b5-1, which allows companies to repurchase stock through brokers when it normally would not be active in the market due to internal trading blackout periods. Shares lost $0.05 to $10.35 in early afternoon trading.
Clifton Savings is the holding company of Clifton Savings Bank, a New Jersey-chartered savings and loan association headquartered in Clifton. The bank operates 10 full-service banking offices in northeast New Jersey.