CHARLESTON, W. Va. -- The board of One Valley Bankcorp of West Virginia approved the repurchase of up to 400,000 shares of One Valley Bancorp common stock, to be allocated to employee benefit, stock option, and dividend reinvestment plans and other corporate purposes.

"The board reviewed various financial and accounting issues and believes the repurchase of shares in the best interest of the shareholders," said J. Holmes Morrison, president and chief executive of the $3.5 billion-asset company. "One Valley's equity capital position will remain strong after the shares are repurchased."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.