Spear Repurchases 130,000 Shares of Common Stock

Spear Financial Services Inc. in Burbank said it repurchased 130,000 shares of its common stock from one of its executives, James K. Mitchell, who runs Spear’s James Mitchell & Co. unit.

Spear, which markets insurance-related investments and provides discount brokerage services, said it bought the stock for $3.75 a share, or $487,500. Mitchell also plans to sell an additional 70,000 shares in public transactions, Spear said.

Both sales are aimed at helping Mitchell meet personal tax liabilities stemming from James Mitchell & Co.’s sale to Spear in 1988, the company said. After the sales, Mitchell will remain Spear’s largest stockholder with a stake of about 9%.