Minden Bancorp (MDNB) in Minden, La., is set to begin its third repurchase plan since becoming a public company two years ago.

The $276 million-asset company's board authorized the repurchase of up to 120,00 shares, or roughly 5%, of its outstanding common stock, the company said Wednesday. At Wednesday's closing price of $15.90 a share, the plan would cost the company about $1.9 million.

Minden's second repurchase plan, which covers 50,000 shares, remains open; the company has purchased nearly 31,000 shares under than authorization. Once both plans are complete, the company will have repurchased about 10% of its outstanding shares.

The company's MBL Bank completed a second-step conversion in January 2011.

Minden earned $803,000 in last year's third quarter. It has not yet released its fourth-quarter results.

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