Long Beach Financial Buying Back
Dow Jones
Long Beach Financial Corp. said it repurchased 308,000 of its shares of common stock during the first two weeks of May.
The Orange-based holding company said the repurchase is part of a buyback program, adopted in October 1997, that allows the company to buy up to 2.5 million common shares through September 1999.
To date, Long Beach Financial has acquired 900,682 shares for a total investment of $10.1 million.
Long Beach Financial is the holding company for Long Beach Mortgage Co., which originates, purchases and sells residential mortgage loans to borrowers with troubled credit histories.
