Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Shares of our common stock trade on the NASDAQ Global Select Market under the symbol "MRBK". All share and per share amounts have been adjusted to reflect the two-for-one stock split effective February 28, 2023. As of March 11, 2024, there were approximately 1,602 registered shareholders of the Corporation's common stock. Certain shares are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.
Share Repurchases
We did not repurchase any shares of the Corporation during the fourth quarter of 2023. On August 30, 2021, the Corporation announced a stock repurchase plan pursuant to which the Corporation may repurchase up to $20 million of the company’s outstanding common stock, par value $1.00 per share. Stock is purchased under the plan from time to time in the open market or through privately negotiated transactions, or otherwise, at the discretion of management of the company in accordance with legal requirements. On April 22, 2023, the stock repurchase plan expired. The total amount of stock repurchased under the plan was $19.6 million in total.
Dividend Policy
In 2020 the Corporation commenced quarterly cash dividends on its common stock. Future dividend payments will depend upon maintenance of a strong financial condition, future earnings and capital and regulatory requirements. Also, the Corporation and the Bank are subject to restrictions on the amount of dividends that may be paid without approval of banking regulatory authorities.
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Dividend amounts have been adjusted to reflect the two-for-one stock split effective February 28, 2023. During 2023, and 2022, the Board of Directors paid cash dividends as follows:
Date Declared Date of Record Date Paid Quarterly Dividend $ Special Dividend $
January 27, 2022 February 14, 2022 February 21, 2022 $ — $ 0.50
April 28, 2022 May 16, 2022 May 23, 2022 $ 0.10 $ —
July 28, 2022 August 15, 2022 August 22, 2022 $ 0.10 $ —
October 27, 2022 November 14, 2022 November 21, 2022 $ 0.10 $ —
January 26, 2023 February 14, 2023 February 21, 2023 $ 0.125 $ —
April 27, 2023 May 15, 2023 May 22, 2023 $ 0.125 $ —
July 27, 2023 August 14, 2023 August 21 2023 $ 0.125 $ —
October 26, 2023 November 13, 2023 November 20, 2023 $ 0.125 $ —
Item 6. Reserved
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.