DEFIANCE Rurban Financial Corp., which operates State Bank & Trust, has extended its stock repurchase program by a year.
The original program, announced in April, was to last 15 months and to buy up to 250,000 shares, or about 5 percent of the company s overall shares. The firm said it has purchased 113,500 shares. The rest will be purchased when appropriate, but the time frame now extends 12 months beyond the original deadline.
Company executives said the repurchase program should underscore its position that the stock is undervalued. The stock has been trading at about $10 a share on Nasdaq.