X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TACOMA, Wash. – Rainier Pacific Financial Group, the mutual holding company which owns the $760 million Rainier Pacific Bank announced it is buying back 5% or 372,000 shares of its outstanding stock. This is the second time in the bank’s first year of stock issuance that it is doing a 5% buy back. The bank calculated that the buy back would be the best use of the bank’s capital for its shareholders, according to Vic Toy, senior vice president for Rainier Pacific. A buy back means the stock repurchased would be retired and the per share value of the remaining stock would increase. “The pie remains as large but the size of the slices shrinks,” Toy explained. “That means the value of each slice increases.” Toy also explained that a 5% buy back is, in stock terms, not very large. In addition, the more stock that is retired, the more might be available to be issued again should the bank decide it needed more capital, Toy said. Since the former Rainier Pacific Credit Union changed to a mutual bank charter in January of 2001 it has increased its assets from $389 million to $748 million, Toy said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.