CORNELIUS, N.C., Nov. 19, 2013 /PRNewswire/ -- Aquesta Bank and Subsidiaries ("Aquesta") (OTC Markets symbol ATBK) announced today that its Board of Directors has declared the payment of Aquesta's first ever cash dividend in the amount of 10 cents per share to shareholders of record as of November 29, 2013. The dividend is payable on December 13, 2013.
It is the Board of Director's present intention to pay dividends annually. However, such amounts to be paid – if any- will be determined at those times and are subject to increase, decrease or elimination for various reasons, including but not limited to changes in operating results, strategic direction, regulatory rules or directives, etc. Consequently, no assurances are provided that any such amounts will be paid or declared in subsequent years.
CEO and President of Aquesta Bank, Jim Engel, stated, "We are very pleased that Aquesta Bank's operating results have improved to such an extent that our Board of Directors has chosen to declare a cash dividend. Earlier this year, the Board declared a stock dividend of 20 percent. Combined with this cash dividend, it is clear that our Board recognizes the importance of rewarding our shareholders for their patience and support during the economic downturn. We hope this is simply a sample of what will be achieved in coming years." Engel continued, "Finally, I can't say enough about the Aquesta team and its dedication to providing true community bank quality, caring financial services to our customers. It is this dedication that now allows us to also provide a small token of gratitude to our shareholders."
Aquesta's focus is to help its customers grow and prosper – a belief in the American Dream of unlimited possibilities. Aquesta has branches in Cornelius, Davidson and two locations in Mooresville. Aquesta Insurance Services, Inc. ---an independent agency--- has offices in Cornelius, Kannapolis, Mooresville and Wilmington.
For additional information, please contact Kristin Parsons (Executive Vice President and Chief Financial Officer) or Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.
Information in this press release may contain forward looking statements that might involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates.
SOURCE Aquesta Bank