ANCHORAGE, Alaska--(BUSINESS WIRE)--At their regularly scheduled meeting May 26, 2016, First National Bank Alaska’s Board of Directors (OTCBB:FBAK) declared a cash dividend of $20.00 per share, payable on Sept. 15, 2016 to shareholders of record as of Sept. 1, 2016.
This represents a $7.50 increase in the quarterly dividend per share paid following the bank’s special dividend on October 15, 2010. To rebuild capital after the special dividend, the bank reduced the quarterly dividend by 50 percent to $12.50 starting March 15, 2011.
“We appreciate our shareholders’ support over the past five-plus years as we’ve rebuilt our bank’s capital account following the special dividend,” said Chair and President Betsy Lawer. “A strong capital account affords our customers nationally lauded safety and security for their deposits, allows our locally operated community bank to compete uniquely against the ‘big box’ banks, and supports a lending limit big enough to grow with our largest customers. During this time of uncertainty in Alaska, our shareholders and customers can be confident that First National continues to stand strong and prepared, just as we have for nearly a century.”