CHARLOTTESVILLE, Va., April 7, 2009 (GLOBE NEWSWIRE) -- StellarOne Corporation (Nasdaq:STEL) (StellarOne) today announced that on March 9, 2009, O. R. Barham, Jr., President and Chief Executive Officer of StellarOne Corporation, sold 5,510 shares of StellarOne common stock. Mr. Barham's decision to sell the shares was based upon his existing financial and retirement planning goals, as well as a desire to diversify his portfolio. All sold shares were held in Mr. Barham's IRA account.
"Given my sizeable derivative ownership position in StellarOne stock in the form of unexercised options, I felt a need to attain some further diversification and liquidity," said Mr. Barham. "My enthusiasm and confidence in the Company's future is as strong as it has ever been, and I plan to remain with and continue my investment in the Company."
Mr. Barham retains derivative ownership via vested and exercisable stock options of approximately 91,708 shares of StellarOne stock, and an additional 40,484 stock options are currently not vested.
About StellarOne
StellarOne Corporation is a traditional community bank, offering a full range of business and consumer banking services, including trust and wealth management services. Through the activities of its sole affiliate, StellarOne Bank, StellarOne operates 61 full-service financial centers, one loan production office, and 66 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley, and Central and North Central Virginia.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated. When we use words such as "believes," "expects," "anticipates" or similar expressions, we are making forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date thereof. StellarOne wishes to caution the reader that factors, such as those listed below, in some cases have affected and could affect StellarOne's actual results, causing actual results to differ materially from those in any forward-looking statement. These factors include: (i) expected cost savings from StellarOne's acquisitions and dispositions may be less than projected, (ii) competitive pressure in the banking industry or in StellarOne's markets may increase significantly, (iii) changes in the interest rate environment may reduce margins, (iv) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, credit quality deterioration, (v) changes may occur in banking legislation and regulation, (vi) changes may occur in general business conditions, and (vii) changes may occur in the securities markets. Please refer to StellarOne's filings with the Securities and Exchange Commission for additional information, which may be accessed at www.StellarOne.com.