SOUTHHAMPTON, Pa., April 12, 2018 (GLOBE NEWSWIRE) -- Quaint Oak Bancorp, Inc. (OTCQX:QNTO) (the "Company"), the holding company for Quaint Oak Bank, announced today that its Board of Directors at their meeting on April 11, 2018, declared a quarterly cash dividend of $0.07 per share on the common stock of the Company payable on May 7, 2018, to the shareholders of record at the close of business on April 23, 2018.
Robert T. Strong, President and Chief Executive Officer stated, “I am pleased to announce our ninth consecutive increase in our quarterly cash dividend moving from the current $0.05 per share to $0.07 per share. This represents a 40% increase in the dividend rate. The increased dividend is a reflection of our strong financial performance for fiscal 2017; and we look forward to the reduction in our marginal tax rate to 21% for 2018. As of April 11, 2018, our closing market stock price was $13.20 per share. This new dividend amount of $0.07 annualized represents a dividend rate of over 2%. As always, our current and continued business strategy includes long term profitability and the payment of dividends. This focus reflects the Company’s strong commitment to shareholder value.”
Quaint Oak Bancorp, Inc. is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, headquartered in Southampton, Pennsylvania and the Bank’s subsidiary companies conduct business through two regional offices located in the Delaware Valley and Lehigh Valley markets and a New Britain Township location. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC and Quaint Oak Real Estate, LLC.
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.
Quaint Oak Bancorp, Inc.
Robert T. Strong, President and Chief Executive Officer
Source:Quaint Oak Bancorp, Inc.