California First National Bancorp (Nasdaq:
CFNB) is up more than 23% after announcing ahead of the opening that it had begun a “Dutch Auction” tender to repurchase 1.3 million shares of common stock. The shares amount to 11.4% of the
Irvine, Calif.-based bank holding company’s outstanding shares. Shareholders will have the chance to tender part or all of their shares to the California First at a price between $12 and $13 per share. The offer expires on Aug. 20.
In today’s trading, shares are at $11.51 at 3:09 p.m. ET, down $2.16 from Friday’s close. Trading volume is nearly six times the average. During the past 52 weeks, shares have ranged between $8.30 and $14.50.
For detailed price information and recent news stories about California First National Bancorp, click CFNB.
