DAVENPORT, Iowa -- CF Bancorp said it will buy back up to 5% of its outstanding shares in the open market over the next six months.

The company said it will purchase the shares at prevailing market prices from time to time, depending on market conditions.

The repurchased shares will become treasury shares and will be used for general purposes, including the issuance of shares in connection with the exercise of stock options, CF Bancorp said. The company has 919,886 shares outstanding.

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