National Bank Holdings Corp. (NBHC) in Greenwood Village, Colo., has bought back about $100 million worth of shares from an institutional investor.

The $5.1 billion-asset company bought back more than 5 million shares, or 9.8% of its total outstanding, at $20 a share, it announced Friday. The price is a 2% discount to its Friday closing stock price of $20.37.

"We believe that our stock represents a compelling investment at these levels," said Chief Executive G. Timothy Laney in a news release. "This repurchase enhances the efficiency of our balance sheet and represents an excellent use of our stockholders' capital."

National Bank Holdings did not name the investor that sold the shares. The company was formed in 2009 by private-equity firms to buy troubled banks. It had in initial public offering in September 2012.

National Bank Holdings earned $900,000 in the third quarter after posting a $7.9 million loss in the same period in 2012, it said last month. It plans to close 36 branches in a bid to reduce costs.

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