GRANITE FALLS, N.C. Bank of Granite Corp.s board approved a repurchase plan of up to $5 million more shares of common stock through December 2001.
A company spokesman said that Bank of Granite doesnt anticipate borrowing money for the buyback, which is to be funded by dividends to the holding company from its bank.
In a press release Friday, Bank of Granite said it had completed a buyback program that began in the first quarter of 1999. Under this plan, it bought 237,229 shares at an average price of $21.08.
As of Sept. 30, the company had about 11.3 million common shares outstanding. Bank of Granite Corp. is the holding company for Bank of Granite and GLL & Associates Inc.