Territorial Bancorp Runs Second Stock Repurchase
Territorial Bancorp Inc., the holding company parent of Territorial Savings Bank, announced Friday that its Board of Directors has adopted a second stock repurchase program.
Under this repurchase program, the Company may repurchase up to 581,265 shares of its common stock, or approximately 5% of the current outstanding shares.
Allan S. Kitagawa, Chief Executive Officer of the Company, said in a written statement that “we are pleased to announce our second stock repurchase plan. The Board of Directors believes this repurchase plan should enhance the long term value of the Company’s shares.”
The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
Territorial Savings Bank is a federally chartered savings bank that was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings bank conducts business from its headquarters in Honolulu, Hawaii and has 27 branch offices in the State of Hawaii.