Roanoke-based HomeTown Bankshares Corporation announced at its annual shareholder’s meeting that the Board of Directors voted to declare a 10 percent stock dividend.
The dividend will be paid to shareholders of record as of June 18, 2010 and will be paid on July 19, 2010. The dividend will increase shares outstanding by approximately 294,500.
William R. Rakes, Chairman of the Company’s Board of Directors, said, “In declaring the stock dividend, the Board of Directors wants to recognize and reward the loyalty and confidence of its ownership base. This dividend is evidence of our belief in the strength of our Company and our faith in the communities we serve.”
Susan K. Still, president and CEO, told the shareholders, “As we approach our first five years of operation, we are very pleased with the progress of HomeTown Bankshares Corporation, particularly in such a difficult economy. This progress has been realized due to the outstanding support of our customers and shareholders, as well as the commitment of our employees and the dedication of our board of directors.”
Shareholders elected eight directors to serve terms of up to three years. The directors elected are William R. Rakes, Susan K. Still, George B. Cartledge, Jr., Warner Dalhouse, Victor F. Foti, Daniel D. Hamrick, Edward G. Murphy and James M. Turner, Jr.
HomeTown Bankshares Corporation is the holding company of HomeTown Bank. The Bank serves the Roanoke and New River Valleys and Smith Mountain Lake through five branches and a loan production office.