Teche Holding Company (TSH) Announces 3% Stock Buyback Plan
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Patrick Little, President and CEO of Teche Holding Company (NYSE: TSH) the holding company for Teche Federal Bank, today announced that its board of directors authorized a stock repurchase program. Teche has adopted a plan to repurchase up to 3%, or approximately 62,000 shares, of the Company's common stock.
In announcing the stock repurchase program, Little commented, "the Company's Board of Directors believes that adoption of a stock repurchase program provides us with an effective tool to manage our capital position in our efforts to enhance stockholder value. We believe this repurchase program will be in the best interests of the stockholders and the Company."
The repurchases will be made in accordance with the plan and are expected to be made from time to time in open-market and privately negotiated transactions, subject to the availability of stock, market conditions, the trading price of the stock and the Company's financial performance. Such repurchased shares may become treasury shares and utilized for general corporate and other purposes, including the issuances of shares to the Company's stock benefit plans to mitigate the potentially dilutive effects of such plans. The repurchase program is expected to be completed in 12 to 18 months.
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In announcing the stock repurchase program, Little commented, "the Company's Board of Directors believes that adoption of a stock repurchase program provides us with an effective tool to manage our capital position in our efforts to enhance stockholder value. We believe this repurchase program will be in the best interests of the stockholders and the Company."
The repurchases will be made in accordance with the plan and are expected to be made from time to time in open-market and privately negotiated transactions, subject to the availability of stock, market conditions, the trading price of the stock and the Company's financial performance. Such repurchased shares may become treasury shares and utilized for general corporate and other purposes, including the issuances of shares to the Company's stock benefit plans to mitigate the potentially dilutive effects of such plans. The repurchase program is expected to be completed in 12 to 18 months.
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