WILMINGTON, Del. -- Wilmington Trust Co. said its board authorized the buyback of three million shares.

In a press release, the company said the repurchased shares will be held as treasury stock and may be reissued in connection with acquisitions, the exercise of stock options, and other corporate purposes. Currently, there are 36.9 million shares of Wilmington Trust stock outstanding.

Wilmington Trust said this program is in addition to a previous stock buyback program of two million shares, announced in April 1992, which is almost completed.

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