BUCHANAN, Va., Feb. 7, 2017 /PRNewswire/ -- Bank of Botetourt's (OTCPK: BORT) Board of Directors voted to increase its quarterly dividend payment to $0.14 per share. The $0.02 per share increase over last quarter's dividend represents a 16.7% increase in the quarterly dividend payment. The cash dividend is payable February 17, 2017 to shareholders of record on February 10, 2017.
The Bank's book value increased to $23.66 at December 31, 2016, an increase of $0.95, or 4.2%, over book value of $22.71 one year prior. The Bank's dividend payout ratio increased from 21.3% in 2015 to 30.4% in 2016.
CEO G. Lyn Hayth, III states, "This action shows our Board of Directors' commitment to providing a return to shareholders as one of its top priorities. Our Board and Management deem that earnings and capital level trends remain solid and another increase in dividend payment is warranted."
Participation in the Bank's Dividend Reinvestment and Stock Purchase Plan by existing shareholders surpassed a record high in 2016.
Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia and operates a mortgage division, Virginia Mountain Mortgage.
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SOURCE Bank of Botetourt