CNB Community Bancorp in Hillsdale, Mich., will buy 145,000 shares of its common stock after completing a tender offer.
The $1.2 billion-asset company said in a press release that it paid about $5.6 million, or $38.50 a share, for the tendered shares. The stock represented about 6.5% of the company’s shares outstanding.
Overall, shareholders were willing to tender about 188,000 shares.