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Newtek Business Services' board approves stock repurchase program

Newtek Business Services Corp.'s board approved a repurchase program whereby the company may repurchase up to 300,000 common shares, representing about 1.6% of the company's outstanding common shares as of Sept. 30.

Unless extended or terminated by its board, the company expects that the termination date for the repurchase program will be June 18, 2019. The company expects to finance the repurchases with existing capital and the repurchased shares will be designated as authorized but unissued common shares.