MIDDLEBURG, Va., Sept. 15,
2015 /PRNewswire/ -- Middleburg Financial Corporation (the
"Company") (NASDAQ: MBRG), the holding company for Middleburg Bank,
today announced that its Board of Directors has authorized the
repurchase of up to $10 million of
the Company's common stock, or approximately 8% of the Company's
outstanding shares. The program is effective immediately and
runs through December 31, 2017.
The new program replaces the previous repurchase program 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," commented Gary R. Shook,
President and CEO of the Company. He continued, "The Company
will continue to be well capitalized under regulatory
guidelines."
The timing and actual number of shares repurchased will depend
on a variety of factors including price, corporate and regulatory
requirements, and other conditions. Repurchases of common
stock may be made through open market purchases or privately
negotiated transactions, and may be made under a Rule 10b5-1 plan
that would permit common stock to be repurchased when the Company
might otherwise be precluded from doing so under insider trading
laws. The repurchase program may be suspended or discontinued at
any time.
Caution about Forward Looking Statements
Certain information contained in this discussion may include
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements relate to the Company's future operations and are
generally identified by phrases such as "the Company expects," "the
Company believes" or words of similar import. Although the Company
believes that its expectations with respect to the forward-looking
statements are based upon reliable assumptions within the bounds of
its knowledge of its business and operations, there can be no
assurance that actual results, performance or achievements of the
Company will not differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. For details on factors that could
affect expectations, see the risk factors and other cautionary
language included in the Company's Annual Report on Form 10-K for
the year ended December 31, 2014, and
other filings with the Securities and Exchange Commission.
About Middleburg Financial Corporation
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 with financial centers in
Ashburn, Gainesville, Leesburg, Marshall, Middleburg, Purcellville, Reston, Richmond, Warrenton and Williamsburg. Middleburg Investment Group owns
Middleburg Trust Company, which is headquartered in Richmond, Virginia with offices in
Middleburg, Alexandria and Williamsburg.
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SOURCE Middleburg Financial Corporation