Peoples Heritage Financial Group Inc. has completed a stock repurchase program.

Officials said the bank is buying about 2.5 million shares, 72% of those offered, at $24 per share. That's about 9.9% of shares outstanding.

The bank allowed shareholders to specify a price between $21 and $24 per share at which they would agree to sell back their stock. Peoples then determined what price it would have to offer to accumulate the desired 2.5 million shares.

The offer was made as part of the $4.4 billion-asset company's planned purchase of Family Bancorp, Haverhill, Mass., which is expected to close by yearend, subject to regulatory approvals. No more than 5.6 million shares will be issued in the deal.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.