AMES NATIONAL : DECLARED CASH DIVIDEND AND AUTHORIZED STOCK REPURCHASE PROGRAM - Form 8-K
November 09, 2023 at 04:12 pm EST
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AMES NATIONAL CORPORATION DECLARED CASH DIVIDEND AND AUTHORIZED STOCK REPURCHASE PROGRAM
AMES, IOWA - Ames National Corporation (the "Company") announced today that a stock repurchase program was approved at a meeting of the Board of Directors held November 8, 2023. The program authorizes the repurchase of up to 100,000 shares, or approximately 1.1% of 8,992,167 shares of common stock outstanding as of November 8, 2023. This program will commence on November 9, 2023 and expire on November 13, 2024. The repurchases will be made in open market transactions at the discretion of management using Company cash. The timing and actual number of shares purchased will depend on a variety of factors such as price, the Company's liquidity position and other market conditions. The program will be conducted under the provisions of SEC Rule 10b-18 which provides a "safe harbor" from liability for manipulation of the stock price by reason of the manner, timing, price and volume of purchases in the open market. The program may be limited or discontinued at any time without notice. The Company did not purchase any shares in 2023 under its previously authorized stock repurchase program that expired on November 8, 2023.
On November 8, 2023, the Company declared a cash dividend of $0.27 per common share. The dividend is payable February 15, 2024, to shareholders of record at the close of business on February 1, 2024.
Ames National Corporation is listed on the NASDAQ Capital Market under the ticker symbol, ATLO. The Company's affiliate banks include: First National Bank, Ames, Iowa; Boone Bank & Trust Co., Boone, Iowa; State Bank & Trust Co., Nevada, Iowa; Iowa State Savings Bank, Creston, Iowa; Reliance State Bank, Story City, Iowa; and United Bank & Trust Co., Marshalltown, Iowa. Additional information about the Company can be found at www.amesnational.com.
Ames National Corporation published this content on 09 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2023 21:11:01 UTC.
Ames National Corp is a bank holding company for its banking subsidiaries, First National Bank, Ames, Iowa (FNB); State Bank & Trust Co., Nevada, Iowa (SBT); Boone Bank & Trust Co., Boone, Iowa (BBT); Reliance State Bank, Story City, Iowa (RSB); United Bank & Trust Co., Marshalltown, Iowa (UBT), and Iowa State Savings Bank, Creston, Iowa (ISSB). The Bankâs lending activities consist primarily of short-term and medium-term commercial and agricultural real estate loans, residential real estate loans, agricultural and business operating loans and lines of credit, equipment loans, vehicle loans, personal loans and lines of credit, home improvement loans and origination of mortgage loans for sale into the secondary market. It provides a variety of checking, savings and time deposits, cash management services, merchant credit card processing, safe deposit boxes, wire transfers, direct deposit, and automated/video teller machine access and automatic drafts (ACH) for various accounts.