Pamrapo Bancorp's stock dropped nearly 12% the day the $363 million-asset thrift said it had bought back all its largest shareholder's stock, for $6.6 million.

Robert A. Hughes, a vice president, declined to speculate on why the news had that effect. He said the deal was part of Pamrapo's plan to reduce excess capital.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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