Ames National Corporation Declares Cash Dividend and Authorizes Stock Repurchase Program (11/14/19)
AMES NATIONAL CORPORATION DECLARES CASH DIVIDEND AND AUTHORIZES STOCK REPURCHASE PROGRAM
Ames National Corporation announced today that a stock repurchase program was approved at its regular meeting of the Board of Directors held November 13, 2019. 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 up to 100,000 shares, or approximately 1.1% of 9,222,747 shares of common stock outstanding as of November 13, 2019. This program will commence on November 13, 2019 and expire on November 10, 2020. The Company purchased 17,608 shares in 2018 and 70,558 shares in 2019. 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.
On November 13, 2019, Ames National Corporation (the “Company”) declared a cash dividend of $0.24 per common share. The dividend is payable February 14, 2020, to shareholders of record at the close of business on January 31, 2020.
About Ames National Corporation
Ames National Corporation is listed on the NASDAQ Capital Market under the ticker symbol, ATLO. The Corporation affiliate banks, all located in central Iowa, include: First National Bank, Ames; Boone Bank & Trust Co., Boone; State Bank & Trust Co., Nevada; Iowa State Savings Bank, Creston; Reliance State Bank, Story City; and United Bank & Trust, Marshalltown. Information regarding the process for purchasing stock can be obtained through Richard Nelson at First Point Wealth Management, (515) 663-3074.
For further information contact:
John P. Nelson, President and CEO
(515) 232-6251 or [email protected]