Brunswick Bancorp Returns Capital to Shareholders with Special Cash Dividend of $0.12 Per Share

Rhea-AI Summary

Brunswick Bancorp (OTC: BRBW) declared a special cash dividend of $0.12 per share on February 15, 2022, payable on March 15, 2022, to shareholders of record by March 1, 2022. This decision, made by the Board, reflects significant improvements in the company's financial performance. CEO Nicholas A. Frungillo highlighted the success in growing assets, loans, and deposits while reducing costs. The company's strategic closure of unprofitable branches has contributed to increased net income supporting dividends for 2021 and 2022.

Positive

• Declared a special cash dividend of $0.12 per share, illustrating strong financial performance.
• Achieved growth in assets, loans, and deposits, indicating robust business development.
• Reduced costs by closing unprofitable branches, contributing to net income growth.

Negative

• None.

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)-- Brunswick Bancorp (“Brunswick” or the “Company”) (OTC: BRBW), the holding company for Brunswick Bank and Trust (“the Bank”), announced that on February 15, 2022 the Board of Directors declared a special cash dividend of $0.12 per share payable on March 15, 2022 to shareholders of record as of March 1, 2022.

“The significant improvements in Brunswick’s top- and bottom-line performance provided the Board an opportunity to return capital to shareholders,” said Nicholas A. Frungillo, Jr., President and Chief Executive Officer of the Company and the Bank. “After carefully analyzing both a cash dividend and a share buyback with the assistance of an external financial advisor, the Board unanimously determined to declare a special dividend and provide immediate cash to all shareholders.”

Mr. Frungillo continued, “Brunswick has made significant progress in growing our assets, loans and deposits while also reducing costs. At the end of 2021, approximately 94% of the loans in our portfolio were self-originated, reflecting the success of our in-house lending team and our marketing and business development initiatives. Further, the actions we have taken to lower occupancy costs by closing two unprofitable branches, selling the George Street location and purchasing the Livingston Avenue and North Brunswick branches, thereby reducing lease expense, have contributed significantly to our growth in net income, supporting Brunswick’s 2021 and 2022 dividends.”

Mr. Frungillo concluded, “The Board and management team remain focused on further improving top- and bottom-line performance and enhancing franchise value for all shareholders.”

About Brunswick Bancorp

Brunswick Bancorp is the holding company for Brunswick Bank & Trust, a New Jersey chartered commercial bank which serves central New Jersey through its New Brunswick main office and four additional branch offices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220216005844/en/

Investors

Brunswick Bancorp

Nicholas A. Frungillo, Jr. - President / CEO

David Gazerwitz - VP / Treasurer

732-247-5800



Innisfree M&A Incorporated

Arthur Crozier / Gabrielle Wolf

212-750-5833



Media

Paul Caminiti / Nicholas Leasure

Reevemark

212-433-4600

Source: Brunswick Bancorp

FAQ

What is the special dividend amount declared by Brunswick Bancorp?

Brunswick Bancorp declared a special cash dividend of $0.12 per share.

When is the special dividend payable for Brunswick Bancorp?

The special dividend is payable on March 15, 2022.

What were the record dates for the dividend of Brunswick Bancorp?

The record date for the dividend is March 1, 2022.

What factors contributed to the special dividend declaration by BRBW?

Improvements in top- and bottom-line performance, growth in loans and deposits, and cost reductions contributed to the declaration.