I think stock buy backs, when used properly, are a good mechanism to help increase shareholder values, mainly by propping up the share price. Unfortunately, that isn't always the result.
The last day of the most recent stock buy back was April 11th. On that day the bank bought 15K shares @$25. Coincidently, on that day, insiders were selling. Head sold 6900 shares and Craig Lazzareschi sold 17,250 shares. Do you think it was just good timing that insiders were selling at near the high for the year and the bank was buying, or something more sinister?