WICHITA, Kan. - Fourth Financial Corp. authorized repurchase programs of its common and preferred depositary shares.
The company's previous repurchase program, announced in April, was for as many as 500,000 shares and was set to expire on Dec. 31. To date, no shares have been purchased in 1993, the company said.
Fourth Financial said that under the new repurchase program, management has been immediately authorized to buy back 71,518 common shares at the prevailing market price, to be used to acquire minority interest in subsidiaries of First Dodge City Bancshares of Dodge City, Kan.
In November, the company approved the repurchase of as many as 500,000 common shares, or the equivalent amount of preferred shares, for general corporate purposes.
The company currently has about 26.5 million common shares outstanding and preferred stock in the form of 4 million depositary shares outstanding.
