The holding company for Rochester Community Savings Bank has terminated its repurchase authorization because of a deal to merge with Cleveland-based Charter One Financial Inc.
In October the board of RCSB Financial Inc. authorized the repurchase of 1.5 million shares; 947,100 of that total have been repurchased, at an average price of $30.53.
RCSB stopped repurchasing before entering into merger discussions in March with Charter One.
The deal, which awaits regulatory and shareholder approval, is expected to close in the fourth quarter.
The agreement calls for the tax-free exchange of 0.91 share of Charter One common stock for each RCSB common share, in a pooling of interests. RCSB had 14.9 million common shares and share equivalents outstanding on March 31.