Raleigh, N.C.-based West Town Bancorp Inc.'s board authorized a new stock repurchase program for the repurchase of up to 9.9% of issued and outstanding common shares, or approximately 307,079 shares based on 3,101,810 company shares currently outstanding.

The timing, manner, price and amount of any repurchase will be determined by the company at its discretion and will be subject to economic and market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities and liquidity, among other factors.