Bank of McKenney Maintains Its Dividend at Twenty-Seven Cents Per Share

Dec 14, 2011, 16:05 ET from Bank of McKenney

MCKENNEY, Va., Dec. 14, 2011 /PRNewswire/ -- Bank of McKenney (OTC BB: BOMK) today announced that the Board of Directors of Bank of McKenney declared a dividend of $0.27 per share on Bank of McKenney common and preferred classes of stock for shareholders of record at the close of normal trading on December 30, 2011 and payable on January 13, 2012.  The $0.27 per share dividend matches that paid in January of 2011.

Richard M. Liles, President & Chief Executive Officer, stated, "Earnings over the current year have remained steady and stable.  We continue working through troubled debt, and, as such, are still experiencing abnormally high provisions to our loan reserves.  Core growth has been quite good and at a pace commensurate with current capital levels.  Therefore, the Board determined that maintaining the dividend at twenty-seven cents was the best course of action and continues to demonstrate the strength of the company."

Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with seven branches serving Southeastern Virginia and assets totaling $205 million.


SOURCE Bank of McKenney