Bank of McKenney Maintains Its Prior Year's Declaration of Twenty-Seven Cents per Share
MCKENNEY, Va., Dec. 15, 2010 /PRNewswire-FirstCall/ -- Bank of McKenney (OTC Bulletin Board: BOMK) today announced that the Board of Directors of Bank of McKenney declared a dividend of $0.27 per share on Bank of McKenney common and preferred classes of stock for shareholders of record at the close of normal trading on December 31, 2010 and payable on January 14, 2011. The $0.27 per share dividend matches that paid in January of 2010.
Richard M. Liles, President & Chief Executive Officer, stated, "Earnings over the current year have accelerated despite continued and abnormally high provisions to our loan reserves. Core growth has been quite steady and at a pace commensurate with current capital levels. We held our dividend steady throughout the recent financial crisis and economic recession. Therefore, the Board determined that maintaining the dividend at twenty-seven cents was the best course of action and continues to demonstrate the strength of the company."
Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with six branches serving Southeastern Virginia and assets totaling $192 million.
SOURCE Bank of McKenney