CHICAGO - Southwest Bancshares, which owns Southwest Federal Savings and Loan Association of Chicago, will repurchase more than 5% of its outstanding shares, its board of directors announced.

The company said it will repurchase up to 115,000 of its nearly 2.3 million shares outstanding.

Southwest Bancshares bought back 90,300 of its outstanding shares after another repurchase program was announced in October 1994.

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