CLARENDON HILLS, Ill. -- MAF Bancorp said its board, has authorized the repurchase of up to 5% of the company's common stock in the open market over the next year.

The company said it currently has 5,336,514 common shares outstanding.

MAF said the repurchased shares would be held as treasury stock to be used for general corporate purposes.

The company said it believes that at current price levels, its common shares are an excellent long-term investment.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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