Charter One Financial Inc., Cleveland, last week said that it would rescind its share repurchase program, citing the acquisition of RCSB Financial Inc.
The share repurchase was canceled because the deal is being accounted for as a pooling of interest.
Charter One had 865,458 shares remaining unpurchased in its current 5% stock repurchase program, authorized in May 1996.
RCSB is a $4 billion-asset savings bank holding company headquartered in Rochester, N.Y. Charter One also has a deal pending for Haverfield Corp., a $346 million-asset savings bank holding company headquartered in Cleveland.
Charter One Bank is one of the largest thrifts in the country, with $14.6 billion of assets and 175 branches.