Under the Symbol:
Seacoast Commerce Banc Holdings Announces 10% Increase in its Dividend
Friday, May 24, 2019 8:00 AM
SAN DIEGO, CA / ACCESSWIRE / May 24, 2019 / Seacoast Commerce Banc Holdings (OTC PINK: SCBH) ("Company"), the holding company of
Seacoast Commerce Bank ("Bank"), announced that the Board of Directors approved a 10% increase in its cash dividend for the second quarter of 2019, raising the quarterly dividend to $0.11 per share. The dividend is payable on June 17, 2019, to shareholders of record as of the close of business on June 3, 2019.
Richard M. Sanborn, President & Chief Executive Officer, commented, "The Board of Directors is pleased to be able to continue its record of returning a portion of the company's profits back to shareholders through dividends. The increase demonstrates the confidence that the board and management team have in the company's forward-looking plan. This dividend increase brings the company's dividend yield to approximately 2.25% and a payout ratio of approximately 30% of earnings."
About Seacoast Commerce Banc Holdings: Seacoast Commerce Banc Holdings is a bank holding company with one wholly-owned banking subsidiary, Seacoast Commerce Bank. Both the holding company and the bank are headquartered in San Diego, California, with the Bank having four full-service banking branches in San Diego and Orange County, California, and loan and deposit production offices throughout Arizona, California, Colorado, Georgia, Illinois, Massachusetts, Nevada, Oregon, Texas, Utah and Washington. For more information on Seacoast Commerce Banc Holdings or Seacoast Commerce Bank, please visit www.scbholdings.com or www.sccombank.com, or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001, or [email protected].
This press release contains some non-GAAP financial analysis provided to supplement information regarding the Bank's performance, and to enhance investors' overall understanding of such financial performance. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.
Richard M. Sanborn
President & Chief Executive Officer
SOURCE: Seacoast Commerce Bank