LAKE HAVASU CITY, Ariz., Nov. 18, 2016 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ) (“Company”), the holding company for Mohave State Bank (“Bank”), today announced its Board of Directors declared a quarterly cash dividend of $0.035 per share. The dividend is payable on or about December 30, 2016 to shareholders of record on December 15, 2016.
“With the consistent operating performance of the Company, the Board of Directors is reestablishing a quarterly dividend payment to shareholders,” said Brian M. Riley, President & Chief Executive Officer. “The year over year increase reflects improvement in our earnings, and is a testament to the strength of the core banking activities and financial performance of our franchise. The annualized dividend rate of $0.14 per share represents a 40% increase over our annual dividend of $0.10 paid earlier in 2016.”
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. The Bank has nine full-service branches: two in Lake Havasu City, two in Kingman, two in Prescott, one in Bullhead City, one in Prescott Valley, and one in Cottonwood, Arizona. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.mohavestbank.com.
This press release may include forward-looking statements about State Bank Corp. and Mohave State Bank. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the completed merger might not be realized within the expected time frames or at all. Annualized, pro forma, projected and estimated numbers in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results. All forward-looking statements included in this press release are based on information available at the time of the release, and State Bank Corp. and Mohave State Bank assume no obligation to update any forward-looking statements.
Contact: Brian M. Riley, President & CEO Craig Wenner, EVP/Chief Financial Officer Phone: (928) 855-0000
Source:State Bank Corp.