The board of National Capital Bank of Washington approved a stock buyback offer.
Under the offer, the Washington, D.C.-based bank may buy back up to $1.0 million, or 4,651 shares, of its common stock for $215 per share. The repurchase offer, unless extended, will be open to the bank's shareholders until June 21.
In the event selling shareholders tender more than 4,651 shares, each tendering shareholder will be given priority for the purchase of up to 100 shares after which shares will be bought on a pro rata basis. Shares which have been tendered and not purchased by the bank pursuant to the offer will be returned to the holders.
The Office of the Comptroller of the Currency approved the stock repurchase on March 23; National Capital Bank of Washington shareholders approved it on May 23.
