The parent of Glastonbury lender United Bank has completed and closed an existing stock buyback program, opening the door for United Financial Bancorp Inc. to officially begin buying up shares in a new program announced a week ago.
United, created through the April 30 merger of former Rockville Bank and ex-United Bank of West Springfield, said it had repurchased by Tuesday all the 2,730,026 shares approved under the previous buyback at an average price of $13.12 each, or about $35.5 million.
On Oct. 22, United announced its latest stock buyback for 2,566,283 shares to be repurchased from time to time on the open market.
CEO William H.W. “Bill” Crawford IV cited “capital efficiency’’ as the bank’s motivation for buying up its shares.
United investor relations officer Marliese L. Shaw said her bank was precluded from buying up stock under its latest initiative until it formally closed out the previous buyback launched in May 2013.
