Bank of Botetourt’s Board of Directors, at its November 23 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 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.
“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,” said Board Chairman Tommy L. Moore. “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.”
