SANTA ROSA, Calif., Nov. 19, 2015 /PRNewswire/ -- On November 17, 2015, Exchange Bank (OTC:EXSR) declared a quarterly cash dividend of $0.60 per share on common stock outstanding to shareholders of record at the close of business on November 27, 2015. The dividend is payable December 11, 2015. The cash dividend of $0.60 per share represents an increase of $.05 over the previous quarterly dividend paid on September 18, 2015. However, over the past year the dividend has increased by 33%, rising from $0.45 per share per quarter in December of 2014 to the current dividend rate of $0.60 per share per quarter.
Exchange Bank President and CEO, Gary Hartwick, stated that "the dividend payout of $0.60 per share per quarter or $2.40 annually, approved by the Board of Directors, is a strong message from the Board, indicating the Board's confidence in the Bank and the Bank's ability to continue the trend of delivering a strong and sustainable level of core earnings."
51% of the Bank's cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
The following appears in accordance with the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company's control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
About Exchange Bank - Exchange Bank is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Exchange Bank was founded in 1890 and offers a broad range of commercial banking, retail banking and trust and investment services throughout Sonoma County, Roseville, Lafayette, and San Jose, CA.
Visit www.exchangebank.com for more information about Exchange Bank.
SOURCE Exchange Bank