Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity

Shareholders' Equity

Note 18. Shareholders' Equity

The Board of Directors regularly authorizes the repurchase of the Corporation's $1.00 par value common stock. The repurchased shares will be held as Treasury shares available for issuance in connection with future stock dividends and stock splits, employee benefit plans, executive compensation plans, the Dividend Reinvestment Plan and other appropriate corporate purposes. The term of the repurchase plans is normally 1 year.

The following table provides information regarding approved stock repurchase plans.

(Amounts in thousands, except share information)

Plan Approved	Expiration Date		Shares Authorized		Shares Repurchased Under Approved Plan
					2011		2010		Total		Cost
July 8, 2010		July 8, 2011		100,000		—		—		—		—
Number of Treasury shares held at year-end						396,174		397,950

Effective September 30, 2010, the Corporation amended its dividend reinvestment plan for shareholders electing to purchase additional shares of the Corporation's common stock by reinvesting cash dividends paid on their shares or through optional cash payments. Under the amended plan, the Corporation has modified the minimum and maximum amounts that may be invested pursuant to the voluntary cash payment option under the plan, provided for the investment of voluntary cash payments as frequently as weekly, permitted participants to make voluntary cash payments via direct draft (ACH transfer); and modified the formula for determining the purchase price with respect to shares purchased under the plan directly from the Corporation. The Corporation also authorized one million (1,000,000) shares of its currently authorized common stock to be issued under the amended plan. During 2011, 102,200 shares of common stock were purchased through the dividend reinvestment plan at a cost of $1.7 million.