Polonia Bancorp in Huntingdon Valley, Pa., has dropped plans to buy back common stock after its takeover of a failed bank.

The $214 million-asset company gained $104.5 million in deposits and bought $77.1 million in assets of Earthstar Bank in Southampton, Pa., from the Federal Deposit Insurance Corp.

Polonia said the capital needed to absorb the acquisition would take the place of plans announced over the summer to repurchase about 67,000 shares not held by the mutual holding company.

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