Virginia Financial Group, Inc. Announces Board Changes and Declares Dividend
April 28 2004 - 5:15PM
PR Newswire (US)
Virginia Financial Group, Inc. Announces Board Changes and Declares
Dividend CULPEPER, Va., April 28 /PRNewswire-FirstCall/ -- Virginia
Financial Group, Inc. today reported that the Board of Directors
elected Taylor E. Gore as Chairman of the Board and H. Wayne
Parrish as Vice Chairman of the Board. Taylor E. Gore has served on
the Board of Directors of Virginia Financial Group, Inc. as Vice
Chairman since January 2002 after the merger of Virginia
Commonwealth Financial Corporation and Virginia Financial
Corporation. In addition, Mr. Gore was elected to the Board of
Directors of Second National Bank of Culpeper in 1975 and is a past
Chairman of the Board of Second National Bank of Culpeper, Second
National Financial Corporation and Virginia Commonwealth Financial
Corporation. Mr. Gore maintained a distinguished business career
during his 46 years at Culpeper Farmers' Cooperative, Inc., and
retired in June 2002 as the Executive Vice President and General
Manager. H. Wayne Parrish has served on the Board of Directors of
Virginia Financial Group, Inc. since January 2002 after the merger
of Virginia Commonwealth Financial and Virginia Financial
Corporation. He had previously served on the Board of Directors of
Virginia Commonwealth Financial from 1998 to 2002. Mr. Parrish was
elected to the Board of Virginia Heartland Bank of Fredericksburg,
VA in 1988. In addition, Mr. Parrish has served on the Board of
Directors of Virginia Commonwealth Trust Company, a subsidiary of
Virginia Financial Group, Inc. Mr. Parrish is the owner of Parrish
Appraisal Service located in Fredericksburg, VA. He previously
served in the capacity of Senior Vice President at Union Bank &
Trust Company in Bowling Green, VA and Dominion Bank of Richmond in
Fredericksburg, VA. The Board of Directors of Virginia Financial
Group, Inc. also declared a quarterly cash dividend of $.19 per
share, payable on May 20, 2004 to shareholders of record on April
30, 2004. The annual dividend rate of $.76 per share represents a
yield of 2.3% on the most recent closing price. VFG is the holding
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 organization maintains a network of
thirty-seven branches serving Central and Southwest Virginia. It
also has loan production offices located in Charlottesville and
Lynchburg. This press release contains forward-looking statements
as defined by federal securities laws. These statements may address
certain results that are expected or anticipated to occur or
otherwise state the company's predictions for the future. These
particular forward-looking statements and all other statements that
are not historical facts are subject to a number of risks and
uncertainties, and actual results may differ materially. Such
factors include but are not limited to: general economic
conditions, significant fluctuations in interest rates that could
reduce net interest margin; difficulties in executing integration
plans: reduction of fee income from existing products due to market
conditions; and the amount of growth in the company's general and
administrative expenses. Consequently, these cautionary statements
qualify all forward-looking statements made herein. Please refer to
VFG'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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