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Territorial Bancorp board approves buyback plan

Territorial Bancorp Inc.'s board approved a repurchase program, under which the company may buy back up to $5 million of its outstanding shares.

That amount represents about 1.7% of the company's outstanding stock, as of June 7.

Repurchases may be conducted through open-market purchases or privately negotiated transactions through block trades, from time to time.

Honolulu-based Territorial Bancorp is the holding company of Territorial Savings Bank.