PALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)--Malaga Financial Corporation (OTCPink:MLGF). Malaga Financial Corporation 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 19, 2016. The dividend will be paid on or about December 27, 2016. In addition, an increase in the quarterly dividend to 25 cents was declared payable to shareholders of record at the close of business on January 4, 2017 to be paid on or about January 11, 2017. Randy C. Bowers, President and CEO, remarked, “We are pleased to declare a special year-end dividend in addition to an increase in the amount of our 48th consecutive quarterly dividend. This will result in total dividends paid in 2016 of $1.00 per share for a 4.31% annual yield based on a closing share price of $23.20 on November 17, 2016. This is the 5th consecutive year that we have declared a special year-end dividend along with an increase in the quarterly dividend.”
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For the third consecutive year, Malaga Bank has been named in the top 25 healthiest banks in America. A more detailed breakdown of Malaga Bank’s A+ health score may be found in the health section of its dedicated page at www.depositaccounts.com/banks/malaga-bank-fsb.html#health. Since 1985, Malaga Bank 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.