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Ames National Corp. Approves Stock Repurchase Program, Declares Cash Dividend
Nov 28 - Ames (Iowa) National Corp. has announced that a stock repurchase program was approved at its regular meeting of the board of directors on Nov. 14, 2012. The company has a strong capital position and this will provide an opportunity to repurchase company stock on the open market when it is deemed to be favorably priced for repurchase. The program authorizes the repurchase of as much as 100,000 shares during the next 12 months, ending Nov. 14, 2013, or approximately 1.1 percent of 9,310,913 shares of common stock outstanding as of Nov. 13, 2012. The company purchased 122,002 shares in 2011 under the previously approved stock repurchase plans. The last repurchase plans expired on Nov. 9, 2012. The company has not purchased any shares in 2012. 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 may be limited or discontinued at any time without notice.
Ames National Corporation President Tom Pohlman said, "We believe continuing the stock repurchase program provides us the opportunity to buy back shares under favorable market conditions, which adds to shareholder value.”
In addition, Ames National Corp. will pay a cash dividend of 15 cents per share, payable Feb. 15, 2013, to shareholders of record as of Feb. 1, 2013.
Ames National Corporation is listed on the NASDAQ Capital Market under the ticker symbol, ATLO. The corporation affiliate banks include: First National Bank, Ames, Boone Bank & Trust Co., Boone, State Bank & Trust Co., Nevada, Reliance State Bank, Story City, and United Bank & Trust, Marshalltown. Additional information about Ames National Corporation can be found at www.amesnational.com.