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Select Bancorp board approves new stock repurchase plan

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Select Bancorp board approves new stock repurchase plan

Select Bancorp Inc.'s board approved a stock buyback plan under which the company may repurchase up to 937,248 outstanding shares of its common stock on the open market or through privately negotiated transactions.

The new plan replaces a buyback plan announced in August 2016. The Dunn, N.C.-based company repurchased all 581,518 common shares authorized under the prior plan at an average price of $10.85 per share.

Select Bancorp had 18,744,967 common shares issued and outstanding as of Sept. 17, according to a news release. Any shares acquired under the new repurchase plan will be canceled and become authorized but unissued shares, available for future issuance.