May 3, 2010 (FinancialWire) — Beacon Federal Bancorp, Inc. (NASDAQ: BFED) said that its board of directors has authorized a fourth stock repurchase program pursuant to which the company intends to purchase up to an additional 5% of its outstanding shares, or up to 326,669 shares.

Pursuant to three earlier repurchase programs completed during 2009, the company purchased an aggregate of 1,120,187 shares at a weighted-average cost of $8.51 a share.

The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the company's liquidity requirements and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.

Beacon Federal Bancorp, Inc., through its subsidiary, Beacon Federal, offers banking and related financial services to both individual and commercial customers. The bank is headquartered with a full-service branch in East Syracuse, New York, along with seven other full-service branches in East Syracuse, Marcy and Rome, New York, Smartt and Smyrna, Tennessee, Tyler, Texas and Chelmsford, Massachusetts.

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