Hilltop Community Bancorp, Inc. Declares First Cash Dividend on Common Shares
SUMMIT, N.J., Nov. 22, 2011 /PRNewswire/ -- Hilltop Community Bancorp, Inc. (OTCQB: HTBC), the holding company for Hilltop Community Bank (the Bank) announced that its Board of Directors has authorized the payment of a special cash dividend of $0.10 per common share. Shareholders of record on December 9, 2011 will receive the cash dividend on December 22, 2011.
In a joint statement, Chairman Richard D. Wellbrock and CEO Mortimer J. O'Shea commented: "We are very pleased to announce this first time special cash dividend for our common shareholders. This dividend was approved by the Board of Directors to thank our shareholders for their loyal support over the past twelve years and to acknowledge the Bank's strong performance. Hilltop earned $0.21 per common share, basic and diluted, for the first nine months of 2011 and we expect to report further positive results for the fourth quarter. Hilltop is well capitalized, boasts a very strong net interest margin, and is again demonstrating a growing loan portfolio. The Bank has weathered the recession in fine shape and we are looking forward to continuing to provide remarkable banking service to our customers."
Hilltop Community Bancorp, Inc. is the parent holding company for Hilltop Community Bank. The Bank is a New Jersey state-chartered commercial bank which commenced operations in February 2000. The Bank operates as a locally headquartered community bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movement in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward-looking statements. The Bank assumes no obligation for updating any such forward-looking statements at any time.
SOURCE Hilltop Community Bancorp, Inc.
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