Louisiana Bancorp Inc. in Metairie said Tuesday that it will initiate its 10th stock repurchase program.
The $327.7 million-asset company also said it completed its ninth repurchase program, acquiring 210,406 shares, or 5% of its outstanding common stock. It plans to acquire another 5%, or 199,886 shares, with its latest repurchase program.
Bank of New Orleans, the company's thrift unit, has plenty of capital to fuel future stock repurchase efforts. As of June 30, it had a total risk-based capital ratio of 39.03% and a leverage ratio of 17.43%.
Louisiana Bancorp converted from a mutual holding company to a stock company in July 2007 and kicked off its first stock repurchase in August 2008.