Central Bank Corporation Authorizes Stock Repurchase Program
Sault Ste. Marie, Michigan (September 20, 2017) – Central Bank Corporation today announced that its Board of Directors has approved a Stock Repurchase Program, which authorizes management, in their discretion, to purchase shares of the Corporation’s common stock having an aggregate purchase price not to exceed $500,000. It is anticipated that any purchases of shares will be made through market purchases or through privately negotiated purchases, all subject to availability, regulatory volume and other constraints and general economic conditions. Any repurchased shares will be available for later reissue for such general corporate purposes as the Corporation’s Board of Directors may determine, including employee benefit plans.
President and Chief Executive Officer Ronald L. Meister stated that the Board of Directors believes the Corporation and its subsidiary Central Savings Bank has capital in excess of the present and immediately foreseeable business needs and regulatory capital requirements. They believe that the repurchase of stock would have a favorable impact on earnings per share and return on equity to the benefit of present and future shareholders.
Central Bank Corporation, is a bank holding company for its wholly owned subsidiary, Central Savings Bank. Central Savings Bank has 9 branch locations throughout the Eastern Upper Peninsula of Michigan, and provides a full range of banking services to individuals, professionals and commercial businesses located in the service area. Central Savings Bank’s primary deposit products are interest and noninterest bearing checking accounts, savings accounts and time deposits; and its primary lending products are residential and commercial real estate mortgages, and commercial and consumer loans.
Central Bank Corporation is headquartered in Sault Ste. Marie, Michigan, with its principal executive offices located at 511 Bingham Avenue, Sault Ste. Marie, Michigan 49783. Click here for more information.