Saying its stock is undervalued, Arbor National Holdings Inc. of Westbury, N.Y., has announced a two-year stock buy-back plan.

Ivan Kaufman, the mortgage company's chief executive, said the plan allows it to repurchase up to 250,000 shares of its common stock, to be used for employee-benefit programs.

"Given our consistently strong operating results, our solid foundation, and prospects for future growth, management believes that Arbor's stock is currently undervalued," he said.

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