Westbury Bancorp (WBB) in West Bend, Wis., intends to repurchase up to 250,000 of its issued and outstanding shares, or roughly 4.9% of its stock.
The repurchase program will commence later this week, the $550 million-asset federally chartered savings bank said in a press release.
The timing of the purchases will depend on "certain factors," including market prices, available funds and alternative uses of capital, according to the release.
All repurchases will be held as treasury shares.
Westbury's shares trade below their book value, according to Capital IQ. At its trading price of $14.30 midday Monday, the stock repurchase would amount to roughly $3.6 million.
Westbury's common stock "is an attractive value at current trading prices," Raymond Lipman, president and chief executive officer said, hence "the deployment of some of the company's capital into this investment is warranted."
Westbury said it plans to repurchase stock using different mediums, such as open-market purchases, block trades, and negotiated private transactions.