Subjects: DIV, FVT
Santa Cruz County Bank Declares 10% Stock Dividend Payment to Shareholders
SANTA CRUZ, Calif., Oct. 17, 2017 /PRNewswire/ -- Santa Cruz County Bank (OTC: SCZC), a top rated, high performing bank, announced today that its Board of Directors declared a 10% stock dividend payable on November 10, 2017 to shareholders of record as of the close of business on October 31, 2017. Cash will be paid in lieu of fractional shares based on the closing price on the record date.
This is the first stock dividend declared by the bank, following eighteen consecutive quarterly cash dividends.
David V. Heald, President and CEO, stated, "It is extremely satisfying for our Board to declare this stock dividend, which follows the announcement of another record quarter and year to date earnings through the third quarter of 2017. We remain committed to rewarding our shareholders for their investment with consistent returns and strong financial performance."
The bank reported a record $2.1 million in net income for the quarter ended September 30, 2017; an increase of 29%, compared to the quarter ended September 30, 2016. This represented a 14.92% return on average equity for the quarter. The book value per share of Santa Cruz County Bank's common stock at September 30, 2017 was $25.75, compared to $22.41 as of September 30, 2016. Shareholders' equity grew to $56.6 million, a 15% or $7.5 million increase compared to September 30, 2016. For the first and second quarters ended March 31, 2017 and June 30, 2017, Santa Cruz County Bank received the #1 ranking for overall performance for California banks by Financial Management Consulting (FMC) Group and a 5-Star "Superior" rating by Bauer Financial Reports, Inc.
ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank, founded in 2004, is a locally owned and operated community bank with offices located in Aptos, Capitola, Santa Cruz, Scotts Valley and Watsonville. The bank offers a variety of competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and cash management. For the past nine years, the Bank's SBA Department has been recognized as a top SBA lender in Santa Cruz County. Santa Cruz County Bank is a top USDA lender in the state of California.
Santa Cruz County Bank stock is publicly traded on the OTC marketplace under the stock symbol SCZC. Stock purchase orders may be placed through a brokerage firm or one of the Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, please visit our website www.sccountybank.com.
NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS
Financial Management Consulting (FMC) Group: Santa Cruz County Bank received the #1 ranking for overall performance for California banks by Financial Management Consulting (FMC) for the first and second quarters ended March 31, 2017 and June 30, 2017. Santa Cruz County Bank ranked 2nd in overall performance among 185 California banks and ranked 1st (lowest) in non-performing assets for the full year in 2016. The Bank has ranked in FMC's top ten banks in California for the past two years.
The Findley Reports, Inc.: Santa Cruz County Bank was named a Super Premier Performing Bank for its 2016 performance. The Bank has received the top ranking of Super Premier by Findley for seven consecutive years.
Bauer Financial Reports, Inc.: Santa Cruz County Bank rated five star or "Superior" for its financial strength for the quarter ended June 30, 2017.
American Banker Magazine: Santa Cruz County Bank ranked 44th out of 684 institutions in American Banker Magazine's "Top Performing 200 Community Banks & Thrifts in the United States" based upon 3-year average return on equity. The Bank has ranked in the Top 200 Community Banks in the United States for three consecutive years.
Independent Banker Magazine, published by the ICBA: Santa Cruz County Bank ranked 22nd in its Top Best Performing Member Community Banks for return on average equity.
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE Santa Cruz County Bank
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