Baylake Corp. Declares Dividend and Extends Stock Repurchase Program
STURGEON BAY, Wis., April 16, 2014 /PRNewswire/ -- Baylake Corp. (NASDAQ: BYLK), the parent company for Baylake Bank, is pleased to announce that its Board of Directors on April 15, 2014 declared a quarterly dividend of $0.07 per share on the Company's common stock. The dividend is payable on June 2, 2014 to shareholders of record on May 12, 2014.
In further action, Baylake Corp's Board of Directors on April 15, 2014 extended the common stock repurchase program originally approved on May 23, 2013 allowing for up to an additional 400,000 shares of its common stock to be repurchased and extended the allotted time period for the repurchase to occur for a year to May 20, 2015. This program will allow the Company to continue to repurchase its shares as opportunities arise at prevailing market prices in the open market or privately negotiated transactions, the extent of such repurchases being dependent upon market conditions and other corporate considerations. Since inception, 299,500 shares of common stock have been repurchased under this program.
"The actions taken by the Baylake Corp. Board of Directors, both the dividend declaration and the common stock repurchase program extension, continue to support our ongoing intent to enhance shareholder returns while prudently managing Baylake Corp.'s capital levels," said Robert J. Cera, President and CEO of Baylake Corp. and Baylake Bank.
Baylake Corp., the holding company for Baylake Bank, serves Northeast Wisconsin from 21 community financial centers throughout Brown, Door, Kewaunee, and Outagamie Counties.
SOURCE Baylake Corp.