SANTA CRUZ, Calif., Oct. 24, 2011 /PRNewswire/ -- Lighthouse Bank (OTC Bulletin Board: LGHT.ob) Santa Cruz County's locally owned community Bank, announced today that its Board of Directors have declared a 10% stock dividend on the Bank's common shares outstanding. This represents the first stock dividend granted by any Northern or Central California Bank since the onset of the financial crisis in 2008 according to Wedbush Securities.
The Stock Dividend was approved by the Bank's Board of Directors in light of the company's strong financial performance and will be distributed on December 5, 2011 to owners of record as of November 14, 2011. The dividend will be issued in the form of additional shares of stock. Cash will be issued in lieu of fractional shares. Lighthouse bank has grown consistently since opening in October 2007, has operated profitability for the past nine quarters and has posted record earnings for each of the last four quarters.
ABOUT LIGHTHOUSE BANK:
Lighthouse Bank is a locally owned and operated full-service commercial bank which opened for business in October, 2007 and operates one full-service banking office in Santa Cruz, CA. The Bank offers a full array of banking products and services to businesses, professionals, individuals, developers and commercial property owners. Lighthouse Bank is dedicated to providing exceptional personalized service and access to decision makers who are always close at hand. The Bank offers a unique worldwide ATM fee rebate program and complimentary business courier service which expands the geographical reach of its banking office location throughout Santa Cruz County. Lighthouse Bank is committed to operating an open, ethical and financially successful company without engaging in the corporate excesses that have come to characterize the financial services industry. All decisions are intended to contribute to the long-term success of its clients, employees, owners and the community it serves. Lighthouse Bank received no TARP funds and has neither accepted nor requested government assistance of any kind.
Lighthouse Bank is located at 111 Mission Street in Downtown Santa Cruz, CA. Lighthouse Bank's common stock is listed on the Over-the-Counter (OTC) Bulletin Board under the stock symbol LGHT.OB. More Information on the Bank may be obtained through its website www.lighthousebank.net or by calling 831-600-4000.
The attached release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuation in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE Lighthouse Bank