EUGENE, Ore., July 18, 2012 /PRNewswire/ -- Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, announced today that its board of directors approved a third-quarter regular cash dividend of $0.06 per share. Additionally, the board declared a special cash dividend of $0.03 per share. Both dividends are payable August 13, 2012, to shareholders of record on July 30, 2012.
"The Company's current equity position allows for considerable flexibility in regards to our management of capital," said Hal Brown, chief executive officer. "Organic balance sheet growth, when combined with share repurchases, regular and special cash dividends, and possible acquisition activity, will appropriately leverage our shareholders investment while maintaining strong capital levels."
Pacific Continental's board will continue to review dividend considerations so that regular cash dividends, when and if declared, will typically be paid in February, May, August and November of each year. When and if declared, regular cash dividend payments will be announced simultaneously with the quarterly earnings release. As with all of Pacific Continental's dividends, the board reviews a broad range of balance sheet and other performance metrics, including recent and prospective operating performance, the level of accumulated retained earnings, payout ratio, loan concentrations and other company-wide risks, and competitive yield assessments.
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through 14 banking offices in Oregon and Washington. The Bank also operates a loan production office in Tacoma, Washington. With $1.3 billion in assets, Pacific Continental has established one of the most unique and attractive metropolitan branch networks in the Northwest with offices in three of the region's largest markets including Seattle, Portland and Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.
Since its founding in 1972, Pacific Continental Bank has been honored with numerous awards and recognitions from highly regarded third-party organizations including The Seattle Times, the Portland Business Journal and Oregon Business magazine. A complete list of the company's awards and recognitions – as well as supplementary information about Pacific Continental Bank – can be found online at www.therightbank.com. Pacific Continental Corporation's shares, a component of the Russell 2000 Index, are listed on the Nasdaq Global Select Market under the symbol "PCBK."
SOURCE Pacific Continental Corporation