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First Colonial Bankshares Corp. said its directors authorized the bank holding company to repurchase up to 200,000 of its outstanding Class A common shares, or up to $3.5 million worth, from time to time in the open market. C. Paul Johnson, chairman, said the board believes that the holding company was adequately capitalized and that the shares were ”a good value at this time.” The stock is selling for about $16 a share. The repurchase would involve about 5 percent of the firm`s 4.5 million Class A shares outstanding.
