Access National Announces Increase in Share Repurchase Program.RESTON, Va. -- The Board of Directors of Access National Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANCX) (the "Company"), parent company of Access National Bank, approved an increase in the number of shares of common stock to be repurchased under its share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program from 1,500,000 to 2,000,000 shares, effective today, February 19, 2008. As of February 18, 2008, the Corporation completed the purchase of 1,369,081 shares pursuant to the authorization at an average weighted price of $7.51 per share. Shares may be purchased on the open market or through privately negotiated transactions. Price, timing and the number of shares repurchased, if any, will be based on various market conditions. No termination date termination date, n See expiration date. was set for the Program. "In spite of a historical track record of excellent performance and strong future opportunities, our stock price has been over-penalized for the current cyclical conditions and our own performance setbacks in 2007. As a result, the repurchase of our own shares represents an extremely attractive and accretive investment that maximizes the long term interests of our shareholders," said President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael W. Clarke. Access National Bank, an independent, nationally chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission , is a subsidiary of Access National Corporation, headquartered in Reston, Virginia Reston is an internationally known planned community whose goal was to revolutionize post-World War II concepts of land use and residential/corporate development in American suburbia. with $643 million in assets reported as of 9/30/07. The Bank, established in December 1999, serves the business community in the Washington D.C. Metropolitan area with a full suite of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and an emphasis on electronic banking. Additional information is available on our website at www.AccessNationalBank.com. The shares of Access National Corporation are traded on the NASDAQ Global Market under the symbol "ANCX". This press release contains "forward-looking statements" within the meaning of the federal securities laws. These statements may be identified by the use of words such as "may", "could", "expect", "believe", "anticipate", "intend", "plan" or variations thereof. These forward-looking statements may contain information related to those matters such as the Company's intent, belief, or expectation with respect to matters such as financial performance. Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company's operations and business environment, which are difficult to predict and beyond control of the company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward looking statements, please refer to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other SEC filings. |
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