Fulton’s board approved the repurchase of up to 8 million shares, about 4 percent of the company’s 199 million outstanding shares, between now and June 30, the firm said in a statement.
The program succeeds Fulton’s previous repurchase program, which ran from June through the end of last year. Under that program, the board authorized Fulton to repurchase up to 5 million shares, or about 2.5 percent of its outstanding stock.
However, Fulton said it was constrained by “customary restrictions” related to its sale of the Global Exchange Group and to quarterly earnings announcements. Fulton ultimately repurchased 2.1 million shares under the 2012 program, the company said.
Fulton, the parent of Fulton Bank and other community banks, operates more than 270 branches in five states. Its shares trade on the Nasdaq under the ticker symbol FULT.