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good sense for the bank and for shareholders.”
While the 131 “odd-lot” shareholders represent 28.7 percent of the total number of FNB stock owners, they only own 1.6 percent of the 239,800 shares outstanding.
According to a FNB release, bank president C. Hunton Tiffany said that the buy-back is not to avoid having any holders of fewer than 100 shares.
“As a locally owned community bank, we value every shareholder,” the release quoted Tiffany as saying.
Bank officials said that the buyback offer was an opportunity for odd-lot owners to get a fair price for their stock with no selling expenses. In addition, by cutting the number of total shareholders, the repurchase will reduce the bank’s expense of maintaining the shareholder list and communicating with shareholders.
The stock has split 20 times since FNB was founded in 1902. In 1984, Fauquier National Bankshares was formed as a holding company for FNB. f
Those holding fewer than 100 shares of FNB stock who wish to sell should contact bank secretary H. Frances Stringfellow at 349-0284.
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