Bargain Hunters: Like bank executives elsewhere, directors...
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Bargain Hunters: Like bank executives elsewhere, directors of Landmark Bancorp in La Habra are concerned that the stock in their firm is trading far below the price they figure represents a true value.
So they authorized the company to spend up to $200,000 to buy back about 1.5% of its stock, or about 20,000 shares, during the fourth quarter. The firm would spend up to about $10 a share, which is what directors believe the company is worth, said Kevin P. Hanifin, Landmark’s senior vice president and chief financial officer.
Stock has been trading over the counter at about $8.75 a share, he said. There was no trading activity in the stock Tuesday.
The company owns Landmark Bank in La Habra, which had $176.5 million in assets at the end of March.
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