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ASB Bancorp Board OKs Stock Buyback Program

ASB Bancorp, Inc. (ASBB: Quote) said Friday that its Board of Directors has approved a stock repurchase program whereby the company may repurchase up to 5%, or 265,266 shares, of its outstanding common stock 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.

by RTT Staff Writer

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