JASPER, IN / ACCESSWIRE / February 22, 2022 / SVB&T Corporation (OTCQX:SVBT), parent company of Springs Valley Bank & Trust Company, today announced that its Board of Directors declared a two-for-one stock split in the form of a stock dividend, payable on or about March 10, 2022 to shareholders of record as of March 1, 2022. Under the terms of the stock split, the Company's shareholders will receive a dividend of one common share for each common share held on the record date. The stock split does not change the proportionate interest a shareholder maintains in the Company. As a result of the stock split, the number of outstanding common shares of the Company will increase from 550,072 shares to approximately 1.1 million shares. The dividend will be paid in authorized but unissued shares of the Company's common stock.
Jamie Shinabarger, President and CEO, stated, "We are pleased to announce that the Board of Directors has determined that this stock split, in the form of a stock dividend, is in the best interest of our shareholders, and it reflects our continued confidence in the long-term growth and financial performance of SVB&T Corporation. We anticipate that the reduced trading price per share as a result of the stock split will promote new investor interest and continue to enhance our stock's liquidity in the market. We believe the stock split is another sound business strategy that reflects our strong commitment to building long-term profitability and enhancing shareholder value."
The Board of Directors also declared a quarterly cash dividend of $0.16 per share post-stock split ($0.32 pre-split) of the Corporation's common stock. The quarterly cash dividend is payable on or about April 15, 2022 to shareholders of record as of the close of business on March 18, 2022. The dividend declared is an 18.52% annualized increase over the total dividend declared for the 2021 fiscal year.
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For more information contact: Ryan Heim, Treasurer & CFO, SVB&T Corporation, at 812.634.4889 or [email protected].
SVB&T Corporation is headquartered at 8482 West State Road 56, French Lick, Indiana 47432 with administrative offices at 1500 Main Street, Jasper, Indiana 47546. Its subsidiary, Springs Valley Bank & Trust Company, has locations in Dubois, Daviess, Gibson, and Orange Counties, offering full-service bank and financial services. Springs Valley has products and services for all types of families and businesses, including checking and savings accounts, certificates of deposit, electronic services, online consumer and mortgage applications, and a variety of other loan options. Springs Valley Bank is a member of FDIC and is an Equal Housing Lender.
In addition, the company has a full-service financial advisory group managed by experienced, talented professionals specializing in estate planning, tax planning, and wealth management. Investment services are also offered by a licensed, professional Springs Valley representative. Trust and investment products are not deposits; not insured by the FDIC; not a deposit or other obligation of, or guaranteed by, the depository institution; not insured by any Federal Government Agency; and may lose value - subject to investment risks, including possible loss of the principal amount invested.
More information can be found online at www.svbt.bank. The corporation's stock is traded on the OTCQX trading platform under ticker symbol SVBT (www.otcmarkets.com).
Information conveyed in this press release regarding SVB&T Corporation's and its subsidiaries' anticipated future performance is forward-looking and therefore involves risks and uncertainties that could cause the results or developments to differ significantly from those indicated in these statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in general and local banking, as well as mortgage conditions, competitive factors specific to markets in which the company and its subsidiaries operate, future interest rate levels, changes in local real estate markets, legislative and regulatory decisions, capital market conditions, and/or other factors.
SOURCE: SVB&T Corporation