Santa Cruz County Bank Declares Quarterly Cash Dividend Payment to Shareholders and Change to 2-for-1 Stock Split Payout Date
SANTA CRUZ, Calif., March 15, 2022 /PRNewswire/ — Santa Cruz County Bank www.sccountybank.com (OTCQX:SCZC)with assets greater than $1.7 billionis a premier community bank headquartered in Santa Cruz County. Today, the Bank announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share. The dividend is payable on April 4, 2022 to shareholders of record at the close of business on March 29, 2022.
President William J. Hansen said, “The Santa Cruz County Bank Board of Directors is pleased to announce an increase in the quarterly cash dividend paid to our shareholders. The new increased dividend will be $0.09 per share and will be payable on April 4, 2022. This cash payment follows the recent 2-for-1 stock split declared by the Board of Directors, whereby our shareholders will receive one share for each share held on the record date.”
The Bank’s most recent quarterly cash dividend was $0.125 per share, based on the pre-split shares, and was paid on January 10, 2022. At February 15, 2022The Bank’s Board of Directors has declared a 2-for-1 stock split, which will double the number of shares held by shareholders from approximately 4.27 million shares to more than 8.5 million actions.
The Bank also announced that its Board of Directors has approved changing the payment date of its 2-for-1 stock split to March 16, 2022 after market close. The 2-for-1 stock split previously had to be paid on March 14, 2022 to shareholders registered in March 3, 2022.
The Bank recorded a record performance for the twelve months ended December 31, 2021. Net income for the twelve months ended December 31, 2021 has been $21.3 million compared to $17.6 millionan increase of 21% over the previous year.
ON SANTA CRUZ COUNTY BANK
Santa Cruz County Bank was founded in 2004. It is a premier, locally owned and operated, full-service community bank headquartered in Santa Cruz, California. The bank has branches located in Aptos, Capitol, Cupertino, Monterey, santa cruz, Valley of the Scotts and Watsonville. What sets Santa Cruz County Bank apart from the “big banks” is its relationship-based service, focus on problem solving, and direct access to decision makers. The bank is one of the main lenders to the SBA in Santa Cruz County and Silicon Valley and one of the top USDA lenders in the State of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals. including business loans, lines of credit, commercial real estate financing, construction loans, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, deposit seizure remote, mobile and online banking, bill payment and cash management. True to its community roots, the Santa Cruz County Bank has supported regional welfare by actively participating in and donating to local nonprofit organizations. Santa Cruz County Bank shares are publicly traded on the OTCQX market under the symbol SCZC. For more information about the Santa Cruz County Bank, visit www.sccountybank.com.
This release may contain forward-looking statements that are subject to risks and uncertainties. These risks and uncertainties may include, but are not limited to, interest rate fluctuations, inflation, government regulations and general economic conditions, as well as competition in the areas of business in which the Bank operates. its business, including the California real estate market and in other factors beyond the Bank’s control. These risks and uncertainties could cause results for subsequent interim periods or for the full year to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Santa Cruz County Bank