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.
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by RTT Staff Writer
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