First National Corporation Announces $5 Million Stock Repurchase Plan
December 02 2019 - 8:00AM
First National Corporation (the “Company” or “First National”)
(NASDAQ:FXNC), the parent company for First Bank, today announced
that its board of directors has authorized a stock repurchase plan
pursuant to which First National may repurchase up to $5 million of
the Company’s outstanding common stock.
First National intends to purchase shares periodically through
privately negotiated transactions or in the open market in
accordance with Securities and Exchange Commission rules. The
Company’s board of directors authorized the purchase plan to run
through December 31, 2020, unless the entire amount authorized to
be repurchased has been acquired before that date. First National
intends to fund the repurchase plan with a combination of cash on
hand and cash generated from ongoing operations.
There is no guarantee as to the exact number of, or value of,
shares that will be repurchased by First National, and First
National may discontinue repurchases at any time that management
determines additional repurchases are not warranted. The timing and
amount of share repurchases under the stock repurchase plan will
depend on a number of factors, including First National’s stock
price performance, ongoing capital planning considerations, general
market conditions, and applicable legal requirements.
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, 2018, and other filings with the
Securities and Exchange Commission.
ABOUT FIRST NATIONAL CORPORATION
First National Corporation is the parent company and bank
holding company of First Bank, a community bank that first opened
for business in 1907 in Strasburg, Virginia. The Bank offers loan
and deposit products and services through its website,
www.fbvirginia.com, its mobile banking platform, a network of ATMs
located throughout its market area, one loan production office, a
customer service center in a retirement community, and 14 bank
branch office locations located throughout the Shenandoah Valley
and central regions of Virginia. In addition to providing
traditional banking services, the Bank operates a wealth management
division under the name First Bank Wealth Management. First Bank
also owns First Bank Financial Services, Inc., which invests in
entities that provide investment services and title insurance.
CONTACTS
Scott C. Harvard |
|
M. Shane Bell |
President and CEO |
|
Executive Vice President and
CFO |
(540) 465-9121 |
|
(540) 465-9121 |
shavard@fbvirginia.com |
|
sbell@fbvirginia.com |
|
|
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