Virginia Financial Group Declares Cash Dividend and 3-for-2 Stock Split
19 Luglio 2006 - 10:45PM
PR Newswire (US)
CULPEPER, Va., July 19 /PRNewswire-FirstCall/ -- Virginia Financial
Group, Inc. (NASDAQ:VFGI) announced today that its Board of
Directors has declared a quarterly cash dividend of $.23 per share
and a three-for-two stock split in the form of a 50% stock
dividend. The quarterly cash dividend is payable on August 28, 2006
to shareholders of record as of August 7, 2006. This dividend
represents an increase of $.02 per share or 9.5% from the August
2005 quarterly dividend of $.21 per share. Based on the July 18,
2006 closing price of a share of Company stock, the annual dividend
rate of $.92 per share represents a yield of 2.36%. The stock
dividend will be paid on September 6, 2006 to stockholders of
record as of August 14, 2006. As of July 18, 2006, there were
approximately 7,181,185 shares of Company stock issued and
outstanding. The Company expects that its common stock will begin
trading on a dividend-adjusted basis on September 7, 2006. "We are
pleased to reward our stockholders with these opportunities to
benefit from the financial performance and growth in our company,"
said O. R. Barham, Jr., President and Chief Executive Officer. "We
anticipate that the stock dividend will increase the liquidity of
our stock, allowing potential new owners to participate in our
ongoing success and expansion." Virginia Financial Group, with $1.6
billion in assets, is one of the largest Virginia based community
bank holding companies. It is the parent company for Planters Bank
& Trust Company of Virginia -- in Staunton; Second Bank &
Trust -- in Culpeper; Virginia Heartland Bank -- in Fredericksburg
and Virginia Commonwealth Trust Company -- in Culpeper. The Company
is a traditional community banking provider, offering a full range
of business and consumer banking services including trust and asset
management services via its trust company affiliate. The
organization maintains a network of thirty- seven branches serving
Central and Southwest Virginia. It also maintains five trust and
investment service offices in its markets, and loan production
offices located in Charlottesville and Lynchburg. For more investor
information, please visit our website at http://www.vfgi.net/.
FORWARD LOOKING STATEMENTS In addition to historical information,
this press release contains forward-looking statements. The
forward-looking statements are subject to certain risks and
uncertainties, which could cause actual results to differ
materially from historical results, or those anticipated. When we
use words such as "believes," "expects," "anticipates" or similar
expressions, we are making forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date
thereof. The Company wishes to caution the reader that factors,
such as those listed below, in some cases have affected and could
affect the Company's actual results, causing actual results to
differ materially from those in any forward looking statement.
These factors include: (i) expected cost savings from the Company's
acquisitions and dispositions, (ii) competitive pressure in the
banking industry or in the Company's markets may increase
significantly, (iii) changes in the interest rate environment may
reduce margins, (iv) general economic conditions, either nationally
or regionally, may be less favorable than expected, resulting in,
among other things, credit quality deterioration, (v) changes may
occur in banking legislation and regulation, (vi) changes may occur
in general business conditions and (vii) changes may occur in the
securities markets. Please refer to the Company's filings with the
Securities and Exchange Commission for additional information,
which may be accessed at http://www.vfgi.net/. DATASOURCE: Virginia
Financial Group, Inc. CONTACT: Jeffrey W. Farrar, Executive Vice
President and CFO of Virginia Financial Group, Inc.,
+1-540-829-1603, Web site: http://www.vfgi.net/
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