County Bank Corp (OTC: CBNC) Declares Dividend
The Board of Directors of County Bank Corp is pleased to announce the approval of a cash dividend of $.28 per share and a special dividend of $.30 per share payable on December 30, 2016 to shareholders of record on December 16, 2016. Th e dividends total $1,014,220.48 and marks the 15th consecutive quarter the corporation has paid a cash dividend.
Additionally, we are pleased and excited to report the final merger of CSB Bank and Lapeer County Bank & Trust Co. on December 3, 2016. The merger has created the 15th largest bank headquartered in Michigan by asset size and the 14th largest based upon deposits. As previously disclosed, the combined banks changed their name and now operate under the banner of Lakestone Bank & Trust. The Bank now offers financial products and services through 14 branches and 16 ATM’s located from Port Huron to Elba in three counties in southeast Michigan.
From a performance perspective, the combined banks’ core earnings will meet or exceed budgeted projections in 2016. After taking into account non-recurring expenses related to the merger, 2017 looks to be a promising year with earnings projections in the $4.7 million range.
The special dividend is made possible by the consistent high level of earnings achieved at both the Bank
and Corporate level over the past four years and is the 4th consecutive special dividend paid annually. On a combined basis with the 4th quarter dividend of $.58, the dividend yield is 4.18% based on a closing stock price of $33.50 as of this writing.