Pacific Continental Corporation Increases Regular Cash Dividend and Declares Special Cash Dividend
EUGENE, Ore., Jan. 16, 2013 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, announced today that its board of directors approved an increase in the regular cash dividend and declared a special cash dividend. The regular cash dividend was increased by $0.01 to $0.08 per share. Additionally, the board declared a special cash dividend of $0.08 per share. Both dividends are payable February 11, 2013, to shareholders of record on January 31, 2013.
"The board's decision to once again increase the regular cash dividend and to declare a third consecutive special cash dividend is supported by our 2012 success and the outlook for 2013," said Hal Brown, chief executive officer. "Careful utilization of our share repurchase program, declarations of regular and special cash dividends, the announced acquisition of Century Bank, and expected balance sheet growth suggests we will continue to thoughtfully leverage our shareholders' investment."
Pacific Continental's board will continue to review dividend considerations so that regular cash dividends, when and if declared, will typically be paid in February, May, August and November of each year. When and if declared, regular cash dividend payments will be announced simultaneously with the quarterly earnings release. Pacific Continental's board of directors takes a broad perspective in its dividend deliberations including a review of recent operating performance, current and projected capital levels, current and projected earnings, risk profile, including loan concentrations as a percentage of capital, planned market expansion, liquidity available at the Corporation, and other metrics, including dividend payout ratios and dividend yield before establishing an annual dividend expectation and before declaring a quarterly dividend.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through 14 banking offices in Oregon and Washington. The Bank also operates a loan production office in Tacoma, Washington. With $1.3 billion in assets, Pacific Continental has established one of the most unique and attractive metropolitan branch networks in the Northwest with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.
Since its founding in 1972, Pacific Continental Bank has been honored with numerous awards and recognitions from highly regarded third-party organizations including The Seattle Times, the Portland Business Journal and Oregon Business magazine. A complete list of the company's awards and recognitions – as well as supplementary information about Pacific Continental Bank – can be found online at www.therightbank.com. Pacific Continental Corporation's shares, a component of the Russell 2000 Index, are listed on the Nasdaq Global Select Market under the symbol "PCBK."
SOURCE Pacific Continental Corporation