HUNTINGTON, Ind., Oct. 26, 2016 /PRNewswire/ -- The Board of Directors of Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, is proud to announce the Corporation has increased the cash dividend paid to shareholders for the 22nd year in row.
The cash dividend of $0.22 per common share represents a 4.8% increase over the Company's previous quarterly dividend. President and CEO Michael S. Zahn stated, "Based on the Bank's financial performance and strong capital levels, the Board of Directors feels an increase in our dividend for our shareholders is warranted. We've been fortunate to reward the shareholder base with an increase in the dividend year after year." The dividend will be payable on November 22, 2016 to shareholders of record on November 8, 2016. This makes an annualized dividend yield of 2.9% based on a closing price of $30.11 per common share, which was the last reported trade on October 25, 2016.
The book value of NIDB's stock was $28.73 per common share as of September 30, 2016 with 1,207,379 shares outstanding. Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne(2). The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.bank.
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SOURCE Northeast Indiana Bancorp, Inc.