Printer Friendly

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

(C)2015 M2 COMMUNICATIONS http://www.m2.com

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.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2015 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Banking & Credit News (BCN)
Date:Sep 23, 2015
Words:179
Previous Article:Citizens Financial board authorizes special cash dividend.
Next Article:FirstMerit Bank, Detroit Land Bank partner on homebuyers down payment assistance program.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters