VISALIA, Calif., April 30, 2014 /PRNewswire/ -- Walter A. Dwelle, Chairman of the Board of Valley Commerce Bancorp, announced at the 2014 annual shareholders' meeting held last evening in Visalia that the company's Board of Directors authorized a cash dividend of eight cents per share. The dividend is payable to common shareholders of record on June 5, 2014 and is to be distributed on or about June 26, 2014. The total amount of the cash dividend will be approximately $223 thousand. Dwelle noted that the eight cent per share dividend represented a 33% increase from the first quarter 2014 dividend and stated that the Board will consider future cash dividends following the end of each calendar quarter.
In addition, Dwelle announced shareholders of record as of June 5, 2014 would receive a 5% stock dividend to be issued on or about June 26, 2014. He also announced that the Board of Directors authorized a stock repurchase program that allows up to $3 million of the company's common stock to be repurchased in the open market or through privately negotiated transactions over the coming 12 months.
"After a third consecutive year of record profits, it is certainly our pleasure to announce these benefits to our shareholders," stated Dwelle. "Our entire team is dedicated to increasing the value of Valley Commerce Bancorp stock."
Also at the shareholders' meeting, the following persons were elected to the board of directors: Walter A. Dwelle, Donald A. Gilles, Philip R. Hammond, Jr., Russell F. Hurley, Fred P. LoBue, Jr., Kenneth H. Macklin, Barry R. Smith, and Allan W. Stone. Mr. Stone is also the company's President and Chief Executive Officer.
OTHER INFORMATION: Valley Commerce Bancorp stock trades on NASDAQ's Over the Counter Bulletin Board under the symbol VCBP. Valley Business Bank, the wholly owned subsidiary of Valley Commerce Bancorp, is a commercial bank that commenced operations in 1996. Valley Business Bank operates through Business Banking Centers in Visalia, Tulare, and Fresno, California and has branch offices in Woodlake and Tipton, California. Additional information about Valley Business Bank is available from the Bank's website at http://www.valleybusinessbank.net.
FORWARD-LOOKING STATEMENTS: In addition to historical information, this release includes forward-looking statements, which reflect management's current expectations for Valley Commerce Bancorp's future financial results, business prospects and business developments. Management's expectations for Valley Commerce Bancorp's future necessarily involve assumptions, estimates and the evaluation of risks and uncertainties. Various factors could cause actual events or results to differ materially from those expectations. The forward-looking statements contained herein represent management's expectations as of the date of this release. Valley Commerce Bancorp undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE Valley Commerce Bancorp