Putnam Savings Bank
Putnam-based PSB Holdings has completed its stock repurchase program.
Under the completed program, announced in December 2005, the company repurchased approximately 347,000 shares, or 5 percent, of its then-outstanding shares of common stock.
The company’s board of directors authorized a new stock repurchase program, through which the company intends to repurchase up to 2.5 percent of its currently outstanding shares. The purchase amounts to approximately 167,000 shares.
The timing of the purchases will depend upon certain factors, including market conditions and prices, the company’s liquidity requirements and alternative uses of capital. The repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions. Any repurchased shares will be held as Treasury stock and will be available for general corporate purposes, including the funding of the company’s stock-based incentive plan.
“We are pleased to announce the successful completion of the original stock repurchase plan and the new stock repurchase program,” said Thomas A. Borner, chairman and chief executive officer of the company. “We believe our common stock remains an attractive value at current trading prices and we believe the deployment of some of the company’s capital into this investment is warranted.”
PSB Holdings is the parent of Putnam Savings Bank, a federally chartered stock savings bank founded in 1862. The bank offers a wide range of financial services through its seven full-service offices. Putnam Savings Bank also operates a full-service loan center in Putnam. The bank’s deposits are insured by the Federal Deposit Insurance Corp.
COCC Secures Contracts
Avon-based COCC has increased its overall workforce by 17 percent from July to August to accommodate new business and services.
The company, which provides data processing services to financial institutions, reported an overall revenue increase of 10 percent to $55.1 million for the fiscal year ending in June. The growth continues COCC’s double-digit increases in service revenue, which began in 2005.
COCC is a data processing cooperative formed by the savings and loan industry in 1967. The company provides account, check, ATM and debit card processing services to 145 financial institutions in the region. The company employees 385 people in three statewide locations and a fourth location in Rochester, N.Y.
“COCC is finding strong support for its quality computer services for community banks and credit unions in the northeastern United States,” said Richard A. Leone, COCC’s president and chief executive officer. “In the past month alone, we have finalized service agreements with three financial institutions in Ohio. Additional service contracts should boost our overall employee base to 400 by January 2008.”
“Our market momentum comes as a result of our leading-edge technology and deeply ingrained service culture,” Leone said. “Because we are owned by our customers, our commitment to service is built into our corporate structure.”
COCC is one of the fastest-growing data processing companies in the nation. Established in 1967, the company provides complete enterprise processing solutions to financial institutions using the latest open systems.
