AmSouth Bancorp. recently announced a plan to repurchase up to 1.5 million common shares over the next three years.
The shares, which represent 3% of shares outstanding, will be used as part of the company's employee benefit programs.
"AmSouth is a well-capitalized company, and our decision to repurchase stock on the open market for our benefit plans reflects the most efficient management of our equity," said John Woods, the bank's chairman and CEO. In the past, he continued, AmSouth has issued new shares for its employee plans.
AmSouth, a $13 billion regional bank holding company, operates 268 banking offices in four southeastern states, including Alabama, Florida, Tennessee and Georgia.
