Fulton in Pennsylvania Announces Big Repurchase Program

by Chris Cumming

JAN 3, 2013 10:10am ET

Fulton Financial (FULT) in Lancaster, Pa., has approved a new share repurchase program.

The $16.3-billion holding company's board gave management the authority to buy up to 8 million shares of common stock, or roughly 4% of all outstanding shares. The purchases will be made at market prices through June 30, 2013, Fulton said in a press release.

Based on Wednesday's closing price of $10.15 a share, the program could cost $81 million.

Fulton said that it had completed its 2012 repurchase program, buying back 2.1 million shares under an authorization announced in June.

Separately, the company completed the sale of its payments unit to Cambridge Mercantile Group in Toronto on Wednesday. Fulton used proceeds of the sale to prepay about $20 million in Federal Home Loan Bank advances.

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