Lender continues buying stock

Friday, Aug. 15, 2003 | 11:04 a.m.

Vestin Group Inc., a commercial mortgage lender based in Las Vegas, said on Thursday that it would continue the company's stock repurchase program.

The company has spent about $6.1 million of the $12 million previously authorized by the board of directors to buy back stock.

Vestin Group currently has 5,328,000 shares of common stock outstanding, and the company said it is not obligated to conduct the repurchase at all. Vestin said in a statement that its decision to buy back stock, as well as the timing of any repurchase, will depend on a variety of unspecified factors. Company officials would not elaborate on their plans.

On Wednesday, Vestin announced a $730,378 second-quarter loss.

The company's stock was down 3.2 percent on Thursday, off 8 cents, closing at $2.42 per share.

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