Access National Corporation
(NASDAQ: ANCX) (the “Company”), parent company for Access National Bank, announced today that it is poised to celebrate the 10
Anniversary of its common shares trading on the NASDAQ Global Market under the symbol ANCX. In recognition of this milestone, members of the Board of Directors and management will participate in the NASDAQ Closing Bell Ceremony, commencing at 3:45pm EDT Thursday, July 24, 2014 and culminating with the market close at 4:00pm EDT.
The Closing Bell Ceremony is broadcast live on the NASDAQ Webcam and participating television networks such as CNBC, Bloomberg TV and Fox Business News. More information is available through NASDAQ at the following web address:
“It is with great satisfaction and accomplishment that our leadership participates in this ceremony,” said Michael Clarke, CEO. “The listing on NASDAQ afforded our company many benefits that have served our shareholders well. We started our business 5 years prior through a friends and family equity offering with no assurance of investor liquidity. In 2004, we found ourselves financially qualified to list with NASDAQ to create much welcomed liquidity for shareholders. With the liquidity and credibility of being a NASDAQ listed company, management was able to focus on growing the business. Meanwhile, existing and new shareholders have enjoyed the price discovery and ubiquitous liquidity of the public market that helped fuel our enterprise value. A few notable statistics of today compared to July 2004 illustrate the benefits of being listed, along with exceptional performance:
- Stock price rose from $3.50 to $15.50 per share (split adjusted);
- Market capitalization rose from $28 million to $162 million;
- Book value rose from $1.75 to $9.22 (split adjusted);
- Retained earnings rose from $7 million to over $70 million; and
- Cumulative dividends declared of $2.73 per share (split adjusted).
From the founding of our company nearly 15 years ago, we have placed a priority on being a shareholder friendly investment. 10 years ago, the NASDAQ listing enabled us to take our shareholder friendliness to a higher and more rewarding level. With high levels of insider ownership, we remain closely aligned with our NASDAQ market participants and look forward to a bright future,” Clarke concluded.