Santa Cruz County Bank to pay 5-cent dividendNovember 21, 2013
By Jennifer Pittman - Santa Cruz Sentinel
Santa Cruz County Bank stockholders will receive a 5-cent cash dividend per share, the company announced Wednesday, just a few weeks after reporting a 6 percent jump in profits from a year ago.
Total value of the dividends is about $100,000. It is the third cash dividend declared by the bank, which was founded in 2004.
"Payment of a cash dividend to shareholders is the result of our proven financial performance and stability," said David Heald, president and chief executive officer. "We've followed our mission to build a successful and profitable bank for our community."
The dividend is available Jan. 10 to stockholders of record as of the close of business Dec. 27.
Last month, the locally owned bank reported a profit of $830,000 for the quarter ending Sept. 30. Loans, which had climbed to $240 million, were up $2.1 million, or about 1 percent in the quarter and about 16 percent in the year. Total bank assets topped $400 million.
The full-service bank has offices throughout Santa Cruz County. Earlier this year, American Banker Magazine ranked Santa Cruz County Bank No. 103 of 851 institutions in its "Top Performing 200 Community Banks & Thrifts in the United States." The ranking was based upon three-year average return on equity.