RALEIGH, N.C. - Triangle Bancorp has authorized the repurchase of up to 87,000 shares - about 1% - of the company's outstanding common stock.

The shares will be used for reissuance in connection with Triangle's stock option and directors' compensation plans, for acquisitions, and for general corporate purposes, the company said.

Triangle, with $638 million in assets at the end of the first quarter, is the holding company for Triangle Bank. The company recently signed a merger agreement with the Village Bank of Chapel Hill, N.C., and Triangle Bank has signed a purchase and assumption agreement to acquire all of the deposits and certain loans of three NationsBank offices in eastern North Carolina.

The acquisition will bring Triangle's assets to nearly $750 million.

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