COMMUNITY FIRST BANCORPORATION ANNOUNCES SPECIAL CASH DIVIDEND

Rhea-AI Summary

On February 15, 2022, Community First Bancorporation (OTC:CFOK) announced a special cash dividend of $0.10 per share, marking its first cash distribution to common shareholders since 2011. The record date for shareholders is March 16, 2022, with payment scheduled for March 23, 2022. This announcement follows a successful year in 2021, as noted by President and CEO Richard D. Burleson, Jr., reflecting the company's recovery post-recession and pandemic. The company operates 12 financial centers across the Southeast with assets totaling approximately $667 million.

Positive

• First cash dividend of $0.10 per share enhances shareholder returns.
• Successful navigation of challenges since the Great Recession and during the Pandemic.
• Company assets increased to approximately $667 million, indicating financial stability.

Negative

• None.

SENECA, S.C., Feb. 15, 2022 /PRNewswire/ -- Community First Bancorporation, Inc. ("Community First", or "the Company") (OTC:CFOK), parent company for Community First Bank, Inc. and SeaTrust Mortgage Company, announced that its Board of Directors declared its first cash dividend of $0.10 per share to common shareholders of record as of March 16, 2022.  The special dividend is payable March 23, 2022.

Community First Bancorporation Announces Special Cash Dividend

This is the first cash dividend on common shares declared by the Board of Directors of Community First. Previously the Company had only distributed stock dividends on common shares, the last of which was paid in 2011, and dividends on preferred shares.

Richard D. Burleson, Jr., President and CEO of Community First commented, "2021 was a highly successful year for our Company. Our shareholders have been patient as we navigated past the Great Recession, built our Company back to strength, and then navigated the Pandemic. We are excited about the future and delighted to distribute a portion of the earnings to our shareholders."

Community First Bank, Inc., with assets of approximately $667 million, operates 12 full-service financial centers in North and South Carolina and Tennessee, with two each in Seneca and Anderson and single locations in Greenville, Williamston, Walhalla and Westminster, South Carolina, locations in Dallas and Charlotte, North Carolina, and two locations in Elizabethton, Tennessee. The Company operates loan production offices in Waynesville, North Carolina and Kingsport, Tennessee. In addition, its SeaTrust Mortgage subsidiary operates offices in North Carolina, South Carolina, Florida, and Tennessee. 

Contact:	Richard D. Burleson, Jr. – President and CEO
	Jennifer M. Champagne – Executive Vice President and CFO
	864-886-0206

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SOURCE Community First Bank

FAQ

What is the dividend amount declared by Community First Bancorporation?

Community First Bancorporation declared a cash dividend of $0.10 per share.

When is the dividend payable for CFOK shareholders?

The dividend is payable on March 23, 2022.

What is the record date for the dividend for CFOK shareholders?

The record date for the dividend is March 16, 2022.

Is this the first cash dividend for Community First Bancorporation?

Yes, this is the first cash dividend on common shares declared by the company since 2011.