First Virginia Community Bank to increase number of shares by 25 percent
Fairfax-based First Virginia Community Bank plans to increase its number of shares 25 percent through a stock dividend.
The bank’s board of directors has approved the five-for-four split of its common stock, which will raise the number of outstanding shares from 5.19 million to about 6.49 million.
The bank said the stock split is intended to: stimulate a more active market in the common stock; maintain the stock’s affordability for small investors; and increase overall shareholder value.
Each shareholder of record on 5 p.m. on April 5 will receive an additional one-quarter share for each share of common stock held. The distribution of the new shares is scheduled to be completed on or about April 30.
Founded in 2007, First Virginia Community ended last year with net income of $4.1 million, an increase of $1.9 million or 85.5 percent compared from $2.2 million in 2013.
The bank has $604 million in assets and operates offices in in Arlington, Manassas, Reston and Springfield in addition to Fairfax.