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". As of March 10, 2025, there were approximately 1,898 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.
25
Share Repurchases
On August 30, 2021, the Corporation announced a stock repurchase plan which allowed the Corporation to repurchase up to $20 million of the company’s outstanding common stock, par value $1.00 per share. Stock was 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. We did not repurchase any shares of the Corporation during 2024.
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. Dividend amounts have been adjusted to reflect the two-for-one stock split effective February 28, 2023. During 2024, and 2023, the Board of Directors paid cash dividends as follows:
Date Declared Date of Record Date Paid Quarterly Dividend $
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
January 26, 2024 February 12, 2024 February 20, 2024 0.125
April 25. 2024 May 13, 2024 May 20, 2024 0.125
July 25, 2024 August 12, 2024 August 19, 2024 0.125
October 22, 2024 November 12, 2024 November 19, 2024 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.