Bank of McKenney Maintains Its Prior Year's Declaration of Twenty-Seven Cents Per Share During Difficult Times

Dec 08, 2009, 19:54 ET from Bank of McKenney

MCKENNEY, Va., Dec. 8 /PRNewswire-FirstCall/ -- Bank of McKenney (Nasdaq: 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 31, 2009 and payable on January 15, 2010. The $0.27 per share dividend matches that paid in January of 2009.

Richard M. Liles, President & Chief Executive Officer, stated, "The past two years are ones all in the financial sector will not soon forget. At Bank of McKenney this year, our core strategy has, as always, been to focus on stability. In 2009, we have focused on building reserves sufficient to cover any losses resulting from the depressed economy, and this has significantly affected the Bank's earnings. However, the Board has determined current year's earnings will support maintaining the dividend at the prior rate and serves as a testament to the strength of the company even in trying times."

Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with six branches serving Southeastern Virginia and assets totaling $185 million.

SOURCE Bank of McKenney