Rockville Financial in Connecticut Begins Stock Buyback

Rockville Financial (RCKB) has approved another stock buyback.

The $2 billion-asset company in Rockville, Conn., said Monday it plans to repurchase as many as 10% of its roughly 2.7 million shares outstanding.

The buyback will begin after the company completes a repurchase of about 2.9 million shares the company started last year. The earlier effort was 88% complete as of Monday, according to the company.

"Rockville is committed to delivering shareholder value and the effective and efficient use of excess capital," William Crawford, Rockville's chief executive, said in a press release. "We view repurchases as an important capital management tool available to reach that goal."

The company's Rockville Bank unit operates 23 branches throughout the state.