The board of Charlottesville, Va.-based Virginia National Bankshares Corp. on March 16 declared a 5% stock dividend, as well as a quarterly cash dividend of 19 cents per share.
The stock dividend will be paid on April 13 to shareholders of record as of April 3. Shareholders will receive cash in lieu of fractional shares.
On the other hand, the cash dividend — which is unchanged from the previous cash dividend paid in January — will be paid on April 27 to shareholders of record as of April 3.
The stock dividend will take effect first, whereby each shareholder will receive 0.05 share of the company's common stock for every share of common stock held as of the record date. Therefore, the cash dividend will be paid on the increased number of shares.
As a result, the company's outstanding common shares will increase by approximately 121,000 shares, from 2.4 million shares outstanding to 2.5 million shares outstanding.