Suncrest Bank file photo
Written by The Business Journal Staff
The board of directors of Visalia-based Suncrest Bank announced the 12-year-old institution will pay its first dividend.
The cash dividend of $0.25 per share will be paid on outstanding common stock. The dividend will be payable on March 1 to shareholders of record as of Feb. 22.
“We are delighted to announce the payment of a cash dividend to our shareholders. Returning excess capital in the form of this special dividend is an important component of our capital management strategy,” said Ciaran McMullan, president and CEO of Suncrest Bank.
This comes after an increase in fourth quarter earnings year-over-year by 12%.
“It reflects our consistently strong performance and our commitment to enhance shareholder value,” McMullan added.