Commencement Bancorp, Inc. (CBWA) Announces Cash Dividend

Rhea-AI Summary

Commencement Bancorp, Inc. (CBWA) announced a special, one-time cash dividend of $0.20 per share of its common stock at the 2023 Annual Meeting of Shareholders. The dividend will be paid on May 31, 2024, to shareholders of record as of May 15, 2024. This marks the Company's first cash dividend after stock dividends in 2019 and 2018, showing gratitude to loyal investors amidst economic challenges and uncertainties.

Positive

• Commencement Bancorp, Inc. declared a special, one-time cash dividend of $0.20 per share of common stock.
• The dividend will be paid on May 31, 2024, to shareholders of record as of May 15, 2024.
• This is the Company's first cash dividend following stock dividends in 2019 and 2018.
• The dividend reflects appreciation towards loyal investors during economic challenges and uncertainties.
• Chairman of the Board, H.R. 'Hal' Russell, expressed gratitude towards investors for their continuous support.
• The dividend announcement coincided with the Company's Annual Meeting of Shareholders in 2023.

Negative

• None.

TACOMA, WA / ACCESSWIRE / April 24, 2024 / Commencement Bancorp, Inc. (OTCQX:CBWA) (the "Company"), the holding company for Commencement Bank, announced at its 2023 Annual Meeting of Shareholders that its Board of Directors declared a special, one-time cash dividend of $0.20 per share of its common stock. The cash dividend will be paid on May 31, 2024 to shareholders of record as of the close of business on May 15, 2024. This will be the Company's first cash dividend issued, following stock dividends in March 2019 and February 2018.

"Our investors have been extremely loyal and have supported Commencement Bank throughout the years and the challenging banking environment, including the pandemic, recent interest rate increases and economic uncertainties surrounding the multiple bank failures in 2023. This is our way of saying thank you for the confidence they have shown in both our Bank's board of directors and management team," said H.R. "Hal" Russell, Chairman of the Board.

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About Commencement Bancorp, Inc.
Commencement Bancorp, Inc. is the holding company for Commencement Bank, headquartered in Tacoma, Washington. Commencement Bank was formed in 2006 to provide traditional, reliable, and sustainable banking in Pierce, King, and Thurston counties and the surrounding areas. Their team of experienced banking experts focuses on personal attention, flexible service, and building strong relationships with customers through state-of-the-art technology as well as traditional delivery systems. As a local bank, Commencement Bank is deeply committed to the community. For information related to the trading of CBWA, please visit www.otcmarkets.com.

For further discussion, please contact the following:

John E. Manolides, Chief Executive Officer | 253-284-1802
Nigel L. English, President & Chief Operating Officer | 253-284-1801
Thomas L. Dhamers, Executive Vice President & Chief Financial Officer | 253-284-1803

Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Commencement Bancorp, Inc.'s projections, estimates, plans and expectations of future results and can be identified by words such as "believe," "intend," "estimate," "likely," "anticipate," "expect," "looking forward," and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve's actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Commencement Bancorp, Inc. undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.

SOURCE: Commencement Bank (WA)

View the original press release on accesswire.com

FAQ

What was the special cash dividend declared by Commencement Bancorp, Inc. (CBWA)?

Commencement Bancorp, Inc. declared a special, one-time cash dividend of $0.20 per share of its common stock.

When will the cash dividend be paid to shareholders?

The cash dividend will be paid on May 31, 2024, to shareholders of record as of May 15, 2024.

Why did Commencement Bancorp, Inc. issue this cash dividend?

The cash dividend was issued as a gesture of gratitude towards loyal investors amidst economic challenges and uncertainties.

Who expressed thanks to the investors for their support?

Chairman of the Board, H.R. 'Hal' Russell, expressed gratitude towards investors for their continuous support.

What was significant about this cash dividend compared to previous dividends issued by the Company?

This cash dividend marks the Company's first cash dividend after issuing stock dividends in 2019 and 2018.