UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(Exact name of Registrant as Specified in Its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On February 22, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 24, 2023 to shareholders of record as of March 10, 2023.
A copy of the Company’s press statement announcing the quarterly cash dividend is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit(s) are furnished herewith:
Exhibit No. |
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Description |
104 |
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Press statement issued by Virginia National Bankshares Corporation on February 24, 2023.
Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Date: |
February 24, 2023 |
By: |
/s/ Tara Y. Harrison |
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Tara Y. Harrison |
Exhibit 99.1
PRESS STATEMENT
FOR IMMEDIATE DISTRIBUTION
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES
INCREASE IN QUARTERLY CASH DIVIDEND
Charlottesville, VA – February 24, 2023 - Virginia National Bankshares Corporation (the “Company”) (NASDAQ: VABK) announced today that on February 22, 2023 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 24, 2023 to shareholders of record as of March 10, 2023. The quarterly cash dividend represents a 10% increase in the quarterly dividend and an annual yield to shareholders of approximately 3.33% based on the closing price of the Company’s common stock on February 23, 2023.
"After delivering record results in 2022, we are pleased to return a larger portion of capital to our shareholders," commented President and Chief Executive Officer, Glenn W. Rust. "The action taken by our Board of Directors to increase the quarterly dividend reinforces their determination to properly allocate capital subsequent to the merger with Fauquier Bankshares, which will mark its two-year anniversary on April 1, 2023."
About Virginia National Bankshares Corporation
Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company.
The Company’s common stock trades on the Nasdaq Capital Market under the symbol “VABK.” Additional information on the Company is also available at www.vnbcorp.com.
Virginia National Bankshares Corporation Contact: Tara Y. Harrison, 434-817-8587
Document And Entity Information |
Feb. 22, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 22, 2023 |
Entity Registrant Name | VIRGINIA NATIONAL BANKSHARES CORPORATION |
Entity Central Index Key | 0001572334 |
Entity Emerging Growth Company | false |
Securities Act File Number | 001-40305 |
Entity Incorporation, State or Country Code | VA |
Entity Tax Identification Number | 46-2331578 |
Entity Address, Address Line One | 404 People Place |
Entity Address, City or Town | Charlottesville |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 22911 |
City Area Code | (434) |
Local Phone Number | 817-8621 |
Entity Information, Former Legal or Registered Name | Not Applicable |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | VABK |
Security Exchange Name | NASDAQ |
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