Village Bancorp's board has adopted a shareholder rights plan, which will be distributed as a dividend of one right for each common share to shareholders of record Oct. 4.

The rights will be exercisable if a person acquires or announces a tender or exchange offer for 15% of Village Bancorp's common shares. In a press release, the company said the plan is not in response to any specific takeover effort.

Each right entitles the holder to purchase from Village Bancorp one-10th of a common share for $6. The rights will expire on Oct. 4, 2006.

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