Louisiana Bancorp Inc. in Metairie said it is repurchasing its stock for the eighth time since completing a mutual-to-stock conversion three years ago.
The Bank of New Orleans parent announced Monday that it will complete its seventh stock repurchase this week and initiate an eighth repurchase program for 222,926 shares, or 5% of the company's outstanding stock.
The $326.5 million-asset company did not say why it has continued to repurchase its stock. It has been buying back stock periodically at about 5% of outstanding shares each time since shareholders approved the buyback in 2008.
In mid-2007 it completed a $63.5 million initial stock offering to help convert Bank of New Orleans from a mutual to a stock company. It paid an aggregate $2.8 million in repurchasing stock in the first quarter alone. That repurchase cut shareholders' equity by $1.5 million from Dec. 31, 2009, to $71.8 million as of March 31.