MEDFORD, Ore.--(BUSINESS WIRE)--The board of directors of People’s Bank of Commerce (OTCBB:PBCO) announced that it has declared a five percent stock dividend. The five percent stock dividend will be paid on or about April 15, 2012, to shareholders of record March 15, 2012.
The locally owned community bank recently reported earnings of $528,000 for 2011, including $213,000 in the quarter ended December 31, 2011.
People’s Bank was organized in 1998 and operates from a main office in Medford with branch offices in Ashland and Central Point, Oregon. A fourth branch is currently under construction in South-East Medford at the corner of Highland and Barnett.
At December 31, 2011, the bank reported an annual growth of 20 percent in total assets to $127 million, and an annual growth in total deposits of 20 percent to $111 million while maintaining over 10.6 percent capital with total shareholders’ equity of $13.6 million.
Ken Trautman, President and CEO, commented, “It is our privilege to once again recognize and reward the loyalty and support of our shareholders. The success of the bank is due to the tremendous support of the many shareholders and customers who live and work in the Rogue Valley.” Trautman continued, “The end of 2011 marked our tenth consecutive quarter of profitability since the recession began. This profitability provides the capital to support growth and allows a well-earned stock dividend to shareholders.”