ASB Bancorp Announces 280K Share Repurchase Program
ASB Bancorp (NASDAQ: ASBB) announced today that the Company's Board of Directors approved a stock repurchase program whereby the Company may repurchase up to 5%, or 279,228 shares, of its outstanding common stock either on the open market or through private transactions, as and when deemed appropriate by management and under any plan that may be deployed in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The Rule 10b5-1 repurchase plan allows the Company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout period. The Company expects the share repurchases to commence on or after October 12, 2012, the one-year anniversary of Asheville Savings Bank, S.S.B.'s mutual-to-stock conversion.
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