The board of directors of Springfield-based Hampden Bancorp Inc., the holding company for Hampden Bank, has authorized a third stock repurchase program for the purchase of up to 357,573 shares, or 5 percent of the company’s outstanding common stock.

Any repurchases under the sock repurchase program will be made through open market purchase transactions from time to time. The amount and exact timing of any repurchases will depend on market conditions and other factors, at the discretion of management of the company, and it is intended that the stock repurchase program will complete all repurchases within twelve months after its commencement. There is no assurance that the company will repurchase shares during any period, according to a statement.