Cashmere Valley Bank in Cashmere, Wash., will buy back $15 million worth of stock under a tender offer.
The bank said in a press release that it expects to repurchase about 200,000 shares of common stock at $75 each. The shares represent about 5.1% of the bank’s outstanding stock. The purchase price represents a roughly 11.1% premium above the market price on Dec. 4.
Based on a preliminary count, the tender offer was oversubscribed, and 60.4% of the tendered shares were accepted.