Middleburg Financial announces stock repurchase program.
Global Banking News-September 17, 2015--Middleburg Financial announces stock repurchase program
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Global Banking News - 17 September 2015
Middleburg Financial Corporation (NASDAQ: MBRG), the holding company for Middleburg Bank, has said that its board of directors has authorised the repurchase of up to USD10m of the company's common stock, or approximately 8 percent of the company's outstanding shares.
The programme is effective immediately and runs until December 31, 2017. The new programme replaces the previous repurchase programme adopted in 1999, pursuant to which the company had 24,084 shares remaining eligible for repurchase.
'The management team and board of directors believe strongly in the Company's long term growth and profitability. Consequently, the share repurchase program reinforces our continued commitment to enhancing shareholder value. Depending on the number of shares we are able to repurchase at or near current market prices, we expect that the repurchase will be immediately accretive to earnings per share,' said Gary R. Shook, president and CEO of the company.
The timing and actual number of shares repurchased will depend on factors including price, corporate and regulatory requirements, and other conditions. Middleburg Financial Corporation is headquartered in Middleburg, Virginia and has two wholly owned subsidiaries, Middleburg Bank and Middleburg Investment Group Inc.
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