M Bank program to buyback stocks
FROM STAFF REPORTS
The board of directors of First M& Corporation recently approved a one-year stock buyback program targeted at repurchasing up to 500,000 shares, approximately 5 percent of its outstanding shares. The program will begin in January 2008 and last through December 2008.
The program opens the option for the company to implement a capital planning strategy.
Shares will be acquired primarily through a third-party broker and at the discretion of management, according to SEC guidelines. They will be sold in the open market at prevailing prices and as market conditions allow