Middleburg Financial to repurchase 8% of company's outstanding stock.
BANKING AND CREDIT NEWS-September 23, 2015-Middleburg Financial to repurchase 8% of company's outstanding stock
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Board of directors of Middleburg Financial Corporation (NASDAQ: MBRG), the holding company for Middleburg Bank, has authorized the repurchase of approximately eight percent of the company's outstanding shares of common stock, up to USD10 million.
The new program, which is effective immediately and runs through December 31, 2017, replaces the previous repurchase program adopted in 1999, pursuant to which the company had 24,084 shares remaining eligible for repurchase.
Company president and CEO Gary R. Shook said, "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."
Middleburg Financial Corporation is headquartered in Middleburg, Virginia and has two wholly owned subsidiaries, Middleburg Bank and Middleburg Investment Group, Inc. Middleburg Bank serves communities in Virginia.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Sep 23, 2015|
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