SANTA CRUZ, Calif., March 15, 2022 /PRNewswire/ — Santa Cruz County Bank www.sccountybank.com (OTCQX:SCZC), with assets of over $1.7 billion, is a leading 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.
Chairman 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 pre-split shares, and was paid on January 10, 2022. On February 15, 2022, the Bank’s Board of Directors 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 shares.
The Bank also announced that its board of directors had approved changing the payout date of its 2-for-1 stock split to March 16, 2022 after markets close. The 2-for-1 stock split was previously due to be paid on March 14, 2022 to shareholders of record as of 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 was $21.3 million, compared to $17.6 million, a 21% increase over the previous year.
ABOUT BANK OF SANTA CRUZ COUNTY
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, Capitola, Cupertino, Monterey, Santa Cruz, Scotts Valley 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 a top SBA lender in Santa Cruz County and Silicon Valley and a top USDA lender 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.
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Santa Cruz County Bank