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 9, 2026, there were approximately 5,269 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.
On February 20, 2025 the Corporation entered into an Equity Distribution Agreement (or Sales Agreement) relating to shares of our common stock. During 2025 the Corporation sold a total of 488,478 shares of common stock and raised approximately $7.5 million in net proceeds. We expect to use the net proceeds for general corporate purposes, which includes working capital and the funding of organic growth at Meridian Bank, as described in our prospectus filed with the SEC on February 20, 2025 pursuant to Rule 424(b)(5) under the Securities Act.
Share Repurchases
The Corporation had a stock repurchase plan that expired in 2023. The total amount of stock repurchased under the plan was $19.6 million. The Corporation has not repurchased any shares since the plan expired.
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 2025, and 2024, the Board of Directors paid cash dividends as follows:
Date Declared Date of Record Date Paid Quarterly Dividend $
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
January 23, 2025 February 10, 2025 February 18, 2025 0.125
April 24, 2025 May 12, 2025 May 19, 2025 0.125
July 24, 2025 August 11, 2025 August 18, 2025 0.125
October 23, 2025 November 10, 2025 November 17, 2025 0.125
On January 29, 2026, the Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable February 17, 2026 to shareholders of record as of February 9, 2026. This is an increase of $0.015 or 12%, compared to the quarterly cash dividend of $0.125 per common share declared in the prior quarter.
Item 6. Reserved
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the is authoritative for anything you rely on.