ELMER, N.J.--(BUSINESS WIRE)--ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink:ELMA), parent company of The First National Bank of Elmer (the “Bank”), today announced that, given the ongoing and dynamic nature of the circumstances surrounding the coronavirus (COVID-19) pandemic and the resulting difficulty predicting the impact of the coronavirus outbreak on the business of the Bank, the Company will not be paying a quarterly dividend to stockholders on May 1, 2020. Brian W. Jones, the President and CEO of the Company and the Bank, stated, “The Board believes that, in these challenging times, it is prudent to retain all earnings within the Bank to provide capital to protect against any adverse impacts of the coronavirus outbreak on the Bank.”
Cindee F. Low, Chairman of the Board, added, “As always, future dividends are not guaranteed, and are only payable if and when declared by the Board of Directors. The Board will evaluate whether to declare dividends in future quarters at the appropriate time.”
In addition, the Company announced that due to health concerns surrounding the COVID-19 outbreak and to support the health and well-being of our meeting participants, the Annual Meeting of Stockholders normally held in the first week of May has been scheduled for August 4, 2020 in a video format only. Stockholders will be able to access the meeting by entering the voting control number found on their proxy card, which is expected to be mailed on, or about, July 1, 2020. Instructions will be included in the Proxy Statement as well as on the Bank’s website at www.elmerbank.com by selecting the Investor Relations option.
The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. Deposits at The First National Bank of Elmer are insured up to the legally maximum amount by the Federal Deposit Insurance Corporation (FDIC).