MidWestOne Financial Group increases stock repurchase plan

IOWA CITY -- MidWestOne Financial Group, corporate parent of MidWestOne Bank, on Wednesday said its board of directors an increase in the company's stock repurchase program, allowing for the repurchase of up to $5 million of stock through Dec. 31, 2012.

MidWestOne Financial  bought 45,039 shares in August 2011 for approximately $658,000

of a $1 million repurchase program announced in July. As of Sept. 30, the remaining authorization totaled $342,000, which is included in the newly approved amount.

"Given the strength of our balance sheet and the fact that our stock is trading below tangible book value, we believe that an investment in our own stock is one of the best investments we can make in the current environment," Charles Funk, MidWestOne Financial president and CEO, said in a statement announcing the repurchase program.

MidWestOne Financial's board of directors also declared a fourth quarter cash dividend of 6 cents per common share. The dividend is payable Dec. 15 to shareholders of record at the close of business on Dec. 1.