Shareholders approve stock repurchase programPresident and Chairman, D. H. Cuddy announced First National Bank Alaska's shareholders approved a stock repurchase program at the special shareholders' meeting held November 19, 2008.
Under the terms of the approved program, First National may repurchase up to $100 million worth of its outstanding common stock from time-to-time on the open market, as well as through privately negotiated transactions. The repurchase program will expire when First National has repurchased stock representing the maximum aggregate purchase price or upon termination of the program by the Board of Directors, whichever occurs earlier.
All repurchased shares will be retired and available to reissue for general corporate purposes. The specific timing and amount of repurchases will vary based on market conditions, securities law limitations and other factors, and may be suspended or discontinued at any time without prior notice.
Established in 1922, First National is Alaskas largest Alaskan-owned and operated bank, with ATMs and 30 branches throughout Alaska. More information about First National is available at www.FNBAlaska.com.
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