Washington Banking 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.

The article Washington Banking Launches Share Buyback Program originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in Washington Banking, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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