Community Bank Announces Common Stock Dividend
Community Bank, an independent business bank with 17 business centers in Los Angeles, San Bernardino, Riverside, Ventura and Orange Counties, announced today an $11.15 per share cash dividend on its outstanding common stock. The dividend was approved at the regularly scheduled Board of Directors meeting on October 25, 2012. It will be payable on or about December 10, 2012 to common shareholders of record as of November 26, 2012.
“We are pleased to pay a cash dividend to our common shareholders," said David P. Malone, President and CEO of Community Bank. Malone continued to say, "The Bank has consistently managed its operations in a very conservative manner, which has resulted in strong capital ratios and sufficient liquidity providing protection during periods of economic turbulence. The Bank's capital strength has allowed us to enhance shareholder value through payment of periodic cash dividends.
“Our future dividend policy will be determined on the basis of the Bank's performance and general economic conditions. Newly written bank regulations may require a larger capital commitment which could inhibit the amount and frequency of future cash dividends.”
Community Bank, with assets exceeding $2.9 billion, was founded in 1945 and is headquartered in Pasadena. The Bank is a regional Southern California Bank with offices in Anaheim, Burbank, Commerce, Corona, Fontana, Glendale, Huntington Beach, Irvine, Ontario, Pasadena, Redlands, Santa Clarita, Santa Fe Springs, South Bay, Ventura, West Los Angeles and Woodland Hills. For more information, visit the Community Bank Website at www.cbank.com.
This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections (including statements relating to growth, profitability and future dividends), which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; our income and level of profitability; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.
David Malone, President and Chief Executive Officer