Stock repurchase program approvedPresident and Chairman, D. H. Cuddy announced First National Bank Alaskas Board of Directors approved a stock repurchase program at their regular meeting held June 26, 2008 in Anchorage, Alaska.
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.
Regulators and shareholders must approve the capital reduction necessary to support the repurchase program before repurchasing commences. 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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