Bank of Botetourt Directors Declare Special Stock Dividend

Rhea-AI Summary

Bank of Botetourt (OTCPK: BORT) announced a 10% stock dividend at its Board meeting on November 23, 2021. This dividend is payable on December 17, 2021 to shareholders of record on November 30, 2021. Fractional shares will be compensated with cash based on a price of $31.50 per share. Chairman Tommy L. Moore expressed gratitude for employee efforts and shareholder loyalty, highlighting this decision as a sign of the bank's confidence in its viability and outlook.

Positive

• Announcement of a 10% stock dividend demonstrates strong financial performance.
• Shareholders rewarded for loyalty, supporting future investment confidence.

Negative

• None.

BUCHANAN, Va., Nov. 29, 2021 /PRNewswire/ -- Buchanan-based Bank of Botetourt (OTCPK: BORT) announced today that its Board of Directors, at its November 23, 2021 meeting, approved a 10% common stock dividend payable on December 17, 2021 to shareholders of record at the close of business on November 30, 2021. Fractional shares will be distributed to shareholders who currently own fractional shares through the Bank's Dividend Reinvestment Program ("DRP – Common").  No fractional shares will be issued for Book Entry or Street Shares, and shareholders will receive cash-in-lieu of fractional shares based on a per share price of $31.50, which is the undiscounted three-week volume weighted average price per share used in the November 19, 2021 calculation for DRP purchases. Statements reflecting the issuance of the shares as a result of the stock dividend will be mailed on or about December 22, 2021.

"We are proud of the performance and success of the Bank in 2021, acknowledging and appreciating the hard work of our employees during the ongoing pandemic. We are grateful for our shareholders' steadfast loyalty.  Our Board felt it was an appropriate time to reward and allow them to share in the success of the Bank through a special stock dividend. As the largest community bank headquartered and remaining in the Roanoke Metropolitan Statistical Area, this Board action shows confidence in our Bank's viability, outlook, and vision." stated Tommy L. Moore, Chairman of the Board of Directors.

About Bank of Botetourt
Bank of Botetourt was chartered in 1899 and operates thirteen retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties, the City of Salem, and the Town of Vinton, all in Virginia. Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.  

 

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SOURCE Bank of Botetourt

FAQ

What is the stock dividend amount declared by Bank of Botetourt?

Bank of Botetourt declared a 10% stock dividend.

When will the dividend be paid to shareholders of Bank of Botetourt?

The dividend will be payable on December 17, 2021.

Who is eligible to receive the dividend from Bank of Botetourt?

Shareholders of record at the close of business on November 30, 2021 are eligible.

What is the cash equivalent for fractional shares in the stock dividend?

Shareholders will receive cash for fractional shares based on a price of $31.50.

What does the stock dividend indicate about Bank of Botetourt's financial status?

The stock dividend reflects strong financial performance and confidence in future growth.