JACKSONVILLE, Fla., May 19, 2016 /PRNewswire/ -- FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD), the holding company for FirstAtlantic Bank, today announced that the Company has declared a quarterly cash dividend of $0.03 per share on the Company's common stock. This is the second consecutive quarterly dividend to be paid in 2016. The quarterly dividend rate of $0.03 per share represents an annualized amount of $0.12 per share which equates to a 20% increase over the $0.10 annual dividend paid April 28, 2015.
The dividend will be payable to shareholders of record as of June 14, 2016 and will be paid on or about July 5, 2016.
"We are pleased to be able to continue sharing the financial success of FirstAtlantic with our shareholders through the payment of dividends," said Mitchell W. Hunt, Jr., president & chief executive officer. "We believe the ability to return value to our shareholders is an indication of the Company's financial strength and our positive outlook for the future."
About FirstAtlantic Financial Holdings, Inc.:
FirstAtlantic Financial Holdings, Inc. is the holding company for FirstAtlantic Bank, which is a full service community bank, headquartered in Jacksonville, Florida. FirstAtlantic Bank has approximately $425 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach. FirstAtlantic Bank (www.bankfirstatlantic.com) is dedicated to serving businesses, professionals, and consumers while offering a full array of banking services. FirstAtlantic Bank has earned a 5-Star Rating from BauerFinancial, Inc., the Nation's leading bank rating firm. FirstAtlantic Financial Holdings, Inc. has received a 3-Star Rating from Morningstar (available at otcmarkets.com).
This release may contain forward-looking statements that are subject to risks and uncertainties including statements regarding the Company's financial strength and its outlook for the future. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Company is conducting its operations, including the real estate market in Florida and other factors beyond the Company's control. Such risks and uncertainties could cause actual results to differ materially from those indicated by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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SOURCE FirstAtlantic Financial Holdings, Inc.