PALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)--Malaga Financial Corporation (OTCBB:MLGF) Malaga Financial Corporation announced today the declaration of a cash dividend in the amount of 17.5 cents per share to shareholders of record on March 28, 2014. The dividend will be paid out on or about April 4, 2014. Randy C. Bowers, President and CEO, remarked, “Our earnings continue to be strong and stable, and asset quality remains high. As a result we are able to reward our shareholders with a 17.5 cent quarterly dividend, which represents a 3.59% annualized yield based on our closing price yesterday of $ 19.50. In addition, today we are celebrating the 29th anniversary of the opening of Malaga Bank on March 14, 1985. We look forward to continuing to serve and support the South Bay community.”
Malaga Bank, a subsidiary of MFC, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. It has been ranked among the top 200 Community Banks in the United States as published in the May 2013 issue of American Banker magazine. The rankings were based on average return on equity for the 3 year period ending December 31, 2012. Malaga was the top ranked institution located in California and was ranked #9 among the top 200 in the nation. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.