Coastway completes first stock buyback

WARWICK – Coastway Bancorp Inc. last week completed its first stock repurchase program that started in January, buying back 247,459 shares, or roughly 5 percent of its then-outstanding stock.
The shares were repurchased at an average price of about $12.18 per share, according to a federal filing.
“Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interest of both the company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the company’s financial performance,” according to the filing.
On May 18, Coastway, with $573 million in total assets, also adopted a second stock repurchase program and the board of directors decided the company could buy back 235,086 shares of its common stock, or another 5 percent of its outstanding shares.

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