Encouraged by a change in the Office of Thrift Supervision's stock buyback policy, a Florida thrift company is planning to repurchase 15% of its outstanding shares.

Harbor Florida Bancshares in Fort Pierce said last week that it would buy back 4.6 million shares to shore up its sliding stock price and reduce excess capital. It is the first company to take advantage of a revised OTS policy that lets thrifts repurchase up to 15% of their stock six months after going public.

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