SUN VALLEY, Calif., Nov. 21, 2016 /PRNewswire/ -- President & CEO Tamara Gurney of Mission Valley Bancorp (parent company of Mission Valley Bank) announced today a cash dividend of $0.075 per share, a $0.025 increase from the prior dividend issued in March 2015 on its outstanding common stock. The dividend was approved by the Board of Directors on November 4, 2016. The dividend will be payable on or about December 19, 2016 to common shareholders of record as of November 28, 2016.
Gurney stated, "The issuance of this, our second cash dividend to our common shareholders reflects Mission Valley's strong performance as well as our optimism toward the future. The bank's solid capital position and robust earnings has served to enhance shareholder value and allowed us this opportunity to reward our shareholders." Since the Bank's inception fifteen years ago, the company has issued four stock splits followed by its first cash dividend to common shareholders in early 2015.
Gurney went on to state, "Our Directors recognize the importance of capital planning coupled with an appropriate dividend strategy. With the Bank's strong performance this year, our Board felt an increase in the dividend was warranted."
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients. Mission Valley Bancorp is traded on the OTCQX under the symbol MVLY.
Forward-looking statements: Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.