Rockville Financial, Inc. (RCKB), the holding company for Rockville Bank, said Monday that its Board of Directors has approved a new stock repurchase program for up to about 2.73 million shares, or 10% of the current outstanding shares.
The company also said its regulator, the Federal Reserve Bank of Boston, has completed its review of its stock repurchase proposal and has considered all the facts of record. Acting pursuant to authority delegated by the Board of Governors of the Federal Reserve System, the Reserve Bank does not object to the proposal, and the company may proceed with the stock repurchase program.
The company has nearly completed the remaining authorized repurchases under its prior program. The prior program is 88% complete and has about 342,000 shares remaining available for repurchase before the new program will commence.
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