TOMS RIVER, N.J., April 4, 2017 /PRNewswire/ -- Shore Community Bank (OTC Pink: SHRC) announced today that the Board of Directors have approved a 10% stock dividend. The dividend is payable on May 01, 2017 to shareholders of record as of April 20, 2017. The dividend will increase the number of shares currently outstanding by 278,241 shares bringing total outstanding shares to 3,060,651.
This dividend will be the fifteenth stock dividend paid to shareholders since the Bank's inception in February 1997.
Commenting on the corporate action, Robert T. English, President and CEO, stated, "In celebration of the Bank's 20th anniversary and in conjunction with the achievement of record earnings in 2016, the Board is pleased to declare this stock dividend as a way of showing our appreciation to our many loyal and dedicated shareholders."
Shore Community Bank is quoted on the OTC Pink under the symbol "SHRC".
Shore Community Bank operates five banking offices located in Toms River, Jackson and Manahawkin, New Jersey. The Bank was founded in 1997 by a group of local business leaders with the objective of returning community based banking to the Toms River, Ocean County, New Jersey area.
Information in this release relating to Shore Community Bank's future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as "expect," "believe," "anticipate," "estimate," "forecast," "intend," "will," "may" or other similar words and expressions. Forward-looking statements speak only as of the date they are made. Shore Community Bank assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.
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SOURCE Shore Community Bank