Century Bancorp Announces Stock Repurchase Program

Business Wire, Oct 20, 1998

MEDFORD, Mass.--(BUSINESS WIRE)--Oct. 20, 1998--Century Bancorp, Inc., (NASDAQ:CNBKA), the parent company of Century Bank and Trust Company, announced today that its Board of Directors has approved a stock repurchase program. Under the program, the Company is authorized to repurchase up to 300,000 shares, or less than 9%, of Century Bancorp Class A Common Stock outstanding.

The stock buyback is authorized to take place from time-to-time, subject to prevailing market conditions. The purchases will be made on the open market and will be funded from available cash. As of today, there are approximately 3,600,000 shares of Century Bancorp Class A Common Stock outstanding.

Century Bancorp, Inc., headquartered at 400 Mystic Avenue in Medford, MA, is a bank holding company with total assets of $800 million. Century Bank and Trust Company operates seventeen full-service branches serving eastern Massachusetts. Century's lines of business include commercial lending, consumer banking, cash management, lock box, investment services, mortgage banking and consumer finance.

Century Bank is a member of the FDIC and is an Equal Housing Lender.