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Former CU Viewpoint Bank to repurchase 580247 shares
PLANO, Texas (11/27/07)--The holding company for former Community CU--now called ViewPoint Bank--announced last month it will repurchase up to 580,247 shares of common stock in the open market over 12 months, depending on market conditions. The holding company, ViewPoint Financial Group, represents the bank, which is based in Plano, Texas. Community CU converted to a mutual savings bank in 2006 with $1.4 billion assets, becoming the largest credit union to convert. According to Gary Base, president/CEO, the bank's board approved the latest repurchase program. "We believe that the repurchase of our shares represents an attractive investment opportunity which will benefit the company and our shareholders," he said in a press release (PRNewswire Oct. 26). In August, the holding company repurchased 420,208 shares of its outstanding common stock in the open market. That served to fund the restricted stock portion of the company's Equity Incentive Plan, which shareholders approved in May. At that time, the bank had total assets of $1.60 billion and shareholders' equity of $210.1 million (News Now Aug. 15). ViewPoint Bank began trading shares publicly on the Nasdaq Global Select Market Exchange on Oct. 2, 2006, just 10 months after Community CU converted to a bank (News Now Oct. 3, 2006). The bank is the largest bank in Collin County, with 33 branches, 14 of them in-store branches and three of them loan production offices. Also in October, the bank declared a quarterly cash dividend of five cents per share, payable on Nov. 21 to shareholders as of Nov. 8 (FinancialWire.net via COMTEX Oct. 29).


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