Spear Financial Buys Back 1.1 Million Shares

Spear Financial Services in Glendale said it bought back 1.1 million of its common shares from its second-biggest stockholder for $3.4 million.

Spear, a brokerage and insurance concern, bought the stock for $3.125 a share from Liberty Mutual Insurance Co. of Boston. The shares had represented 16% of the 6.9 million total Spear shares then outstanding.

Spear Chairman Charles Spear said his company has recently evaluated several possible acquisitions, but decided “our best opportunity is the reacquisition of our own shares.”