Colonial Financial Services adopts stock repurchase program

Colonial Financial Services Inc. said its board of directors has adopted a second stock repurchase program.

Under the repurchase program, the company may repurchase up to 198,951 shares of its common stock, or about 5% of the current outstanding shares.

Repurchases will be made no sooner than the termination of the company’s regular quarterly trading blackout following the company’s publicly releasing its results of operations for the year ended December 31, 2011, and consistent with the company’s trading policies.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate.

The repurchase program does not obligate the company to purchase any particular number of shares, according to Colonial Financial.

Source: Colonial Financial Services