StellarOne Announces Share Repurchase Program

12/19/2012 6:49 PM ET

StellarOne Corp. (STEL: Quote) announced that its Board of Directors approved a share repurchase program authorizing 1.5 million shares for repurchase at management's discretion.

The company said such shares represent about 6% of the total shares outstanding at September 30, 2012.

Commenting on the announcement, O. R. Barham, Jr., President and Chief Executive Officer said, "We are pleased to be in a position to establish a share repurchase plan that provides another mechanism to strategically deploy our capital for the benefit of our shareholders. We will continue our efforts to deploy capital through organic and acquired growth, and will repurchase stock only when it provides strong value to our shareholders."

Click here to receive FREE breaking news email alerts for StellarOne Corporation and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 126 Articles

Editors Pick

Yum! Brands Profit Rises 18% On Strong China Sales

Restaurant operator Yum! Brands Inc. said Tuesday after the markets closed that its first quarter profit rose 18% from last year, helped by strong performance of its China division. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast.

M&A, Earnings News Leads To Continued Strength On Wall Street - U.S. Commentary

After trending higher over the past several sessions, stocks saw some further upside during trading on Tuesday. A positive reaction to the latest corporate news contributed to the continued buying interest, lifting the Dow and the S&P 500 back near their record highs.

Supreme Court Upholds Michigan's Ban On Affirmative Action

In a blow to supporters of affirmative action, the Supreme Court on Tuesday upheld a voter-approved ban on using race as a factor in college admissions at Michigan's state-run universities. The court ruled 6 to 2 that the state law banning the use of racial preferences does not violate the U.S. Constitution, although the court was splintered on the reasoning for the decision.