AmSouth Bancorp. announced recently that the company would repurchase one million of its outstanding common shares.
The move follows the company's June announcement it would repurchase up to 1.5 million shares that will be used in conjunction with the company's employee benefits program.
The current repurchase will be done through one or more dealers and take two to three months.
"AmSouth is a well capitalized company, and our decision to repurchase the additional 1.5 million shares of stock reflects the most efficient management of our equity," said John W. Woods, chairman and CEO of the Birmingham, Ala.-based company.
AmSouth will use the one million shares as part of its acquisition of Fortune Bancorp., a deal which closed in June. Use of repurchased shares in a pending acquisition is a use approved by the Financial Accounting Standards Board.
Also, Maryland Federal Bancorp announced a 50,000share repurchase program.