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 June 27, 2014. The dividend will be paid out on or about July 7, 2014. Randy C. Bowers, President and CEO, remarked, “Earnings and operations continue to be strong and stable and our capital levels remain high. We are pleased to reward our shareholders with a 17.5 cent quarterly dividend, which represents a 3.50% annualized yield based on our closing price yesterday of $20.00. 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 was recently ranked in the top 3 in the United States among the 100 largest publicly traded thrifts by SNL Financial. The rankings were based on a variety of financial metrics for the year ending 12/31/2013. This will be the 5th consecutive year that Malaga Bank has been ranked among the top 3 performing institutions. 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.