VISALIA, Calif., April 28, 2016 /PRNewswire/ -- Walter A. Dwelle, Chairman of the Board of Valley Commerce Bancorp, announced at the 2016 annual shareholders' meeting in Visalia that the company's Board of Directors authorized a cash dividend of ten cents per share. The dividend is payable to common shareholders of record on June 6, 2016 and is to be distributed on or about June 28, 2016. The total amount of the cash dividend will be approximately $286 thousand. Dwelle stated that the Board will consider additional cash dividends following the end of each calendar quarter.
"After a fifth consecutive year of record profits, I am pleased to announce this cash dividend," stated Dwelle. He added, "We recently completed our 20th year of operations and remain dedicated to delivering a strong return on Valley Commerce Bancorp stock."
Also at the shareholders' meeting, the following persons were elected to the board of directors: Walter A. Dwelle, Donald A. Gilles, Philip R. Hammond, Jr., Russell F. Hurley, Fred P. LoBue, Jr., Kenneth H. Macklin, Barry R. Smith, and Allan W. Stone. Mr. Stone is also the company's President and Chief Executive Officer.
OTHER INFORMATION: Valley Commerce Bancorp stock trades on NASDAQ's Over the Counter Bulletin Board under the symbol VCBP. Valley Business Bank, the wholly owned subsidiary of Valley Commerce Bancorp, is a commercial bank that commenced operations in 1996. Valley Business Bank operates through Business Banking Centers in Visalia, Tulare, and Fresno, California and has a branch office in Woodlake, California. Additional information about Valley Business Bank is available from the Bank's website at http://www.valleybusinessbank.net.
FORWARD-LOOKING STATEMENTS: In addition to historical information, this release includes forward-looking statements, which reflect management's current expectations for Valley Commerce Bancorp's future financial results, business prospects and business developments. Management's expectations for Valley Commerce Bancorp's future necessarily involve assumptions, estimates and the evaluation of risks and uncertainties. Various factors could cause actual events or results to differ materially from those expectations. The forward-looking statements contained herein represent management's expectations as of the date of this release. Valley Commerce Bancorp undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE Valley Commerce Bancorp