Industries Banking/Finance

American National raises dividend and authorizes share repurchase program

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Danville-based American National Bankshares Inc. has increased its quarterly dividend and authorized a share repurchase program.

The parent company of American National Bank and Trust Co. will pay a quarterly cash dividend of 24 cents per common share on Dec. 18 to shareholders of record as of Dec. 4.

The payment presents a 1 cent, 4.3 percent, increase, over the previous quarterly rate and the first change in the dividend since 2007.

Under the share repurchase program, the company will buy up to 300,000 shares of its outstanding common stock, par value $1 a share, on the open market or in privately negotiated transactions. The program is authorized to continue through Dec. 31, 2017.

The new authorization is in addition to an existing repurchase program approved by the board of directors in April 2014.

That program has approximately 43,000 shares remaining for repurchase.  It will continue until the authorization is completed or expires at the end of 2017.

American National Bank is a community bank serving Southern and Central Virginia and North Central North Carolina with 25 banking offices and two loan production offices.

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