SANTA ROSA, Calif.--(BUSINESS WIRE)--On May 18, 2017, Exchange Bank (OTC:EXSR) declared a quarterly cash dividend of $0.85 per share on common stock outstanding to shareholders of record at the close of business on June 2, 2017. The dividend is payable June 16, 2017. The cash dividend was increased by $0.05 per share or 6% above the previous quarterly dividend of $0.80 per share.
Exchange Bank President and CEO, Gary Hartwick, stated “The Exchange Bank Board of Directors remains confident in the Bank’s ability to deliver a sustainable level of financial success that will support this level of dividend payout to our valued shareholders. The key to this success continues to be a strong balance sheet that consistently demonstrates outstanding credit quality, the dedication of our employees and the support from our customers and shareholders.”
50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.
The following appears in accordance with the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
About Exchange Bank
Headquartered in Sonoma County and founded in 1890 with assets of $2.2 billion, Exchange Bank is a premier community bank providing a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.
Exchange Bank is an 11-time winner of the North Bay Business Journal’s North Bay Best Places to Work survey and received the 2016 Healthiest Companies in the North Bay award. NorthBay biz magazine named Exchange Bank 2016 Best Business Bank. Exchange Bank can also be found in the North Bay Business Journal’s listing of leading SBA 7(a) Lenders, Wealth Management Advisors and Wine Industry Lenders. www.exchangebank.com.