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the parent company of , has receiveds permission from state banking regulators to buy back 5 percenty of its outstandingcommon stock, or 517,50o0 shares. Richard J. Gavegnano, Meridian’sd (Nasdaq: EBSB) chairman and CEO, made the announcemenrt in a regulatoryfiling Wednesday. Permissiobn for the share buy back plan was granted by the Massachusetts Officw of the Commissionerof Banks. Last year, Meridian doubledf the bank's capital base by raisinhg roughly $100 million through a public stock offering. The stock which involved a 44 percent minority stakweof 10.1 million shares, proves controversial within the company's executiver ranks at the time.
The bank's then-CEO Bob Verdonci retired shortly after the stocksale closed, citingb disagreement with the bank's strategy. Gavegnano, who was chairman of the bank whenVerdonckm retired, took over as CEO. East Bostob savings has 12 office and branchess inGreater Boston. As of Dec. 31, the bank had $1.1 billiojn in assets and $797 million in
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