Lyons Bancorp Common Stock Splits 3 for 2
The Board of Directors of Lyons Bancorp, Inc. authorized and the Financial Industry Regulatory Authority (FINRA) approved a 3-for-2 split of the Company’s common stock. The split will be effective at the close of business on Wednesday, February 29, 2012. Beginning on March 2, 2012, trading will reflect the post-split price. The Board authorized the split to bring the per-share price of the stock to more affordable levels.
Shareholders will receive one additional share of common stock for each two shares they currently hold. Fractional shares will be not issued. If the number of shares a shareholder owned prior to the split was not evenly divisible by two, that shareholder will receive the appropriate number of whole shares plus cash equal to the market value of the resulting fractional share.
Based on the pre-split trading price of the Company’s common stock, the expected post-split price will be $27.74. The pre-split per share annual dividend of $1.60 will be adjusted accordingly to $1.067.