PALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)--Malaga Financial Corporation (OTCBB: MLGF) announced today that its Board of Directors had declared a special cash dividend in the amount of 10 cents per share payable to shareholders of record at the close of business on December 22, 2014. The dividend will be paid on or about December 29, 2014. In addition, an increase in the quarterly dividend to 20 cents was declared payable to shareholders of record at the close of business on December 29, 2014 to be paid on or about January 6, 2015. Randy C. Bowers, President and CEO, remarked, “We are pleased to reward our loyal shareholders with a special year end dividend in addition to an increase in the amount of our 42nd consecutive quarterly dividend. This will result in total dividends paid in 2014 of 80 cents per share for a 3.90% annual yield based on a closing share price of $20.50 on December 3, 2014. We look forward to celebrating our 30th anniversary of operations during the first quarter of 2015 and 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. Malaga Bank has been rated as the #1 healthiest bank in America by DepositAccounts.com, the largest and most comprehensive online publication in the U.S. dedicated to banking/savings (deposits) information for consumers. 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.