Union Bankshares (UNB) Re-Authorizes 2,500 Share Buyback Per Quarter
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Union Bankshares, Inc. (Nasdaq: UNB) has announced the re-authorization by the board of directors on December 21, 2011, of a limited repurchase program to authorize the repurchase of a de minimus number of shares of the Company's common stock during each calendar quarter through the end of 2012.
Under the authority, the Company is authorized to repurchase up to 2,500 shares of its common stock (subject to standard anti-dilution adjustments) each calendar quarter in open market purchases or privately negotiated transactions, as management may deem advisable and as market conditions may warrant. The repurchase authorization for a calendar quarter expires at the end of that quarter to the extent it has not been exercised, and is not carried forward into future quarters. The quarterly repurchase authorization, which is not intended to be the exclusive manner of effecting repurchases, expires on December 31, 2012. The repurchase program was originally adopted in May 2010 pursuant to which 5,004 shares of common stock were repurchased at a total cost of $90 thousand to date. That authorization would have expired December 31, 2011.
Under the authority, the Company is authorized to repurchase up to 2,500 shares of its common stock (subject to standard anti-dilution adjustments) each calendar quarter in open market purchases or privately negotiated transactions, as management may deem advisable and as market conditions may warrant. The repurchase authorization for a calendar quarter expires at the end of that quarter to the extent it has not been exercised, and is not carried forward into future quarters. The quarterly repurchase authorization, which is not intended to be the exclusive manner of effecting repurchases, expires on December 31, 2012. The repurchase program was originally adopted in May 2010 pursuant to which 5,004 shares of common stock were repurchased at a total cost of $90 thousand to date. That authorization would have expired December 31, 2011.
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