Shareholders of Pulse Bancorp tendered about 830,000 shares, or 21% of outstanding shares, during the company's recent "modified Dutch auction."

The auction, which started May 15, closed June 14.

The purchase price currently appears to be $17.75 per share, but it is still subject to verification in the final count, officials said in a press release.

Under the modified Dutch auction, Pulse offered to buy back stock at a price between $16 and $17.75.

Shareholders were able to choose a price in that range at which they would be willing to sell, and the company then had to decide what price it had to offer to shareholders to buy back the desired amount of shares.

Pulse chose the modified Dutch auction because such a large buyback, designed to reduce capital and make the bank more appealing to an acquirer, would have been difficult to accomplish on the open market. A Dutch auction is illegal in the United States.

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