HOPEWELL TOWNSHIP, N.J.--(BUSINESS WIRE)--Hopewell Valley Community Bank (PinkSheets: HWDY) today announced that its Board of Directors approved an accelerated payment of the 2013 regular cash dividends into 2012.
The Bank will distribute a cash dividend on its common stock in the amount of $0.10 per share, payable December 31, 2012, to shareholders of record as of December 24, 2012. This accelerated dividend is intended by the Board to be in lieu of regular semi-annual dividends that the company otherwise would have paid in calendar year 2013. The annual dividend rate per share in 2013 is unchanged from the rate in 2012.
“Our board of directors decided to accelerate the payment of dividends due to uncertainty regarding dividend tax rates in 2013 as well as the new taxes on investment income imposed by the Affordable Care Act,” said Patrick Ryan, Chairman of the Board. “Our Bank continues to meet the challenges of the current regulatory and economic environment while maintaining our strong pace of growth in loans, deposits, and capital. We are pleased to be in the position to mitigate a potential increase in tax burden for many of our shareholders.”
Hopewell Valley Community Bank is a locally owned and managed, full service, FDIC insured commercial bank. Founded in 1998, HVCBank provides a friendly, personalized banking experience for residents and small business owners with eight banking offices in Hopewell, Pennington, Hamilton, Ewing and Princeton in Mercer County, Ringoes and Flemington in Hunterdon County, Skillman in Somerset County, and through its fully interactive website at www.hvcbonline.com. And Coming Soon to Pittstown!