StellarOne Announces Share Repurchase Program

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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."

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