Friday, Bank of the Carolinas Corp. (BCAR) announced that its Board of Directors has authorized the company to repurchase up to 398,737 shares or 10% of the company's outstanding common stock during the year following the Board's decision.
As per the program, the company can repurchase its shares in block, periodically, in the open market or in solicited or unsolicited privately negotiated transactions as per Securities and Exchange Commission or SEC rules, subject to certain factors.
The company said Sandler O'Neill & Partners, L.P. would execute the share repurchase program for the company.
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