CHARLOTTESVILLE, Va., Feb. 24,
2023 /PRNewswire/ -- 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.
VIRGINIA NATIONAL BANKSHARES CORPORATION
ANNOUNCES INCREASE IN QUARTERLY CASH DIVIDEND
"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.
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SOURCE Virginia National Bankshares