Washington Banking (NASDAQ: WBCO ) is diverting some of its capital to repurchase its own stock. The company announced that its board has authorized a buyback program for up to 775,000 shares. The program is expected to continue through the end of 2014, although the firm stressed that it "is under no obligation to repurchase a specific number or dollar amount of shares and the repurchase program may be discontinued at any time."
The number of shares authorized for the buyback program amounts to roughly 5% of the company's outstanding amount. The purchases are to be effected via open market transactions or more directly in off-market, negotiated buys.