GARDEN CITY, N.Y. -- T R Financial Corp., the holding company for Roosevelt Savings Bank, announced stock repurchase and stockholder rights plans.
The company's board authorized the repurchase of up to 5%, or 539,769 shares, of its common stock. Repurchased shares will be held as treasury stock and will be available for issuance upon the exercise of outstanding stock options and other corporate purposes.
T R also declared a dividend of one preferred-share purchase right for each outstanding share of common stock. Each right will entitle stockholders to buy a one one-hundredth interest in a share of a new series of preferred stock at an exercise price of $60.
At June 30, T R Financial had 10,795,392 shares outstanding. They were trading Monday at $16.375, or 87.5% of tangible book value.
The briefs were compiled from staff and wire reports.