The dividend will be issued in the form of additional shares of common stock. Cash will be paid in lieu of fractional shares based on the closing price of the stock as of the record date.
This is the second stock dividend the Bank has declared for its shareholders, the first being issued in February of 2018; however, it is the third dividend issued in the Bank’s history with the first paid as a cash dividend.
“Our shareholders have been a tremendous support to us over the years. As we continue to grow, we feel it is important to acknowledge their loyalty and contribution to the Bank’s success,” said John Manolides, President and Chief Operating Officer.
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