Taking advantage of its depressed stock price, First Palm Beach Bancorp. said Tuesday it would repurchase about 5% of its common shares for the second time this year.

The West Palm Beach, Fla.- based company said its board and regulators at the Office of Thrift Supervision had approved a plan to repurchase up to 261,453 of its 5.4 million shares during a one-year period beginning Sept. 30,

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