The Board of Directors of Access National Corporation (NASDAQ: ANCX) (the “Company”), parent company of Access National Bank, approved an increase in the number of shares of common stock to be repurchased under its share repurchase program from 2,500,000 to 3,500,000 shares, effective June 22, 2010. As of June 21, 2010, the Corporation completed the purchase of 2,229,868 shares pursuant to the authorization at an average weighted price of $7.29 per share. Shares may be purchased on the open market or through privately negotiated transactions. Price, timing and the number of shares repurchased, if any, will be based on various market conditions. No termination date was set for the Program.
Over its entire history, Access National Corporation has consistently exceeded all regulatory capital measures to be regarded as “well capitalized”. The majority of the Company’s capital has been derived from the retained earnings generated by consecutive profits over the last 39 quarters.
Access National Bank, an independent, nationally chartered bank, is a subsidiary of Access National Corporation, headquartered in Reston, Virginia with $637 million in assets reported as of 3/31/10. The Bank, established in December 1999, serves the business community in the Washington D.C. Metropolitan area with a full suite of financial services and an emphasis on electronic banking. Additional information is available on their website at www.AccessNationalBank.com. The shares of Access National Corporation are traded on the NASDAQ Global Market under the symbol "ANCX".
This press release contains “forward-looking statements” within the meaning of the federal securities laws. These statements may be identified by the use of words such as “may”, “could”, “expect”, “believe”, anticipate”, “intend”, “plan” or variations thereof. These forward-looking statements may contain information related to those matters such as the Company’s intent, belief, or expectation with respect to matters such as financial performance. Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond control of the company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward looking statements, please refer to the Company’s Annual Report on Form 10-K and other SEC filings.