Community banking

North Carolina's Little Bank Approves Repurchase Plan

By Chris Cumming

Published March 14, 2013, 4:12 p.m. EDT

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Updated March 14, 2013, 3:12 p.m. EDT

1 Min Read

Law and regulation

Treasury to Auction Shares in 11 Tarp Banks

WASHINGTON — The Treasury Department said Thursday it will auction off its preferred shares in 11 more institutions that remain in the Troubled Asset Relief Program.

By Kate Davidson

October 18

Little Bank (LTLB) in Kinston, N.C., plans to repurchase nearly $450,000 worth of common stock.

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The $306 million-asset bank said Thursday that it had received regulatory approval to repurchase up to 56,485 shares, or 2% of outstanding shares. The company's shares were trading around $7.90 a share on Thursday afternoon.

"Our board does not believe that recent trading prices accurately reflect the value of the company's shares and that the deployment of a portion of capital in this program is prudent and in the best interest of our shareholders," Vincent Jones, the company's president and chief executive, said in a press release.

The Treasury Department auctioned its Troubled Asset Relief Program stake in Little Bank stock last October, selling the $7.5 million of preferred stock issued by the company in December 2008 for nearly $7.3 million.

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