ViewPoint Financial Group, Inc. VPFG, the holding company for ViewPoint Bank, today announced that its existing trading plan with Sandler O'Neill & Partners, LP in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to facilitate repurchases of its common stock has been terminated.
The Rule 10b5-1 plan provides that the Rule 10b5-1 plan will terminate on the date of the public announcement of an acquisition as a result of which the Company's common stock is to be exchanged or converted into securities or property. On December 8, 2011, the Company announced the acquisition of Highlands Bancshares, Inc. in a stock-for-stock transaction, which terminated the rule 10b5-1 plan under this provision. Prior to termination, 1,100,100 shares were repurchased under the Rule 10b5-1 plan at an average price of $11.83.
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