LOUISVILLE, Ky.--(BUSINESS WIRE)--S.Y. Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per common share. The dividend will be paid on July 2, 2012, to stockholders of record as of June 11, 2012.
Commenting on the announcement, David Heintzman, Chairman and Chief Executive Officer, said, "We are pleased to continue the higher dividend rate set by our Board in February. The cash we return to our investors is an important element of our plans to enhance stockholder value, and our company has a strong record in this regard. Having initiated cash dividends many years ago, we have never once reduced these payments. In fact, against the backdrop of one of the worst times in history for the banking industry, our Board has increased the dividend four times over the past five years."
Separately, the Company noted that the Wilmington Trust Company, trustee for the 10% fixed-rate cumulative trust preferred securities issued by S.Y. Bancorp Capital Trust II, a Delaware statutory trust and 100%-owned finance subsidiary of S.Y. Bancorp, will make a normal quarterly distribution on the trust preferred securities on or about June 30, 2012. The amount of the quarterly distribution will be $0.25 on each $10 preferred security owned.
Louisville, Kentucky-based S.Y. Bancorp, Inc. and its wholly owned subsidiary, Stock Yards Bank & Trust Company – founded in 1904 – have $2.0 billion in consolidated assets and $1.8 billion of trust assets under management. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT. The trust preferred securities of S.Y. Bancorp Capital Trust II also trade on the NASDAQ Global Select Market under the symbol SYBTP.