Exchange Bank Declares First Quarter Cash Dividend

Rhea-AI Summary

On February 22, 2023, Exchange Bank's Board of Directors declared a quarterly cash dividend of $1.30 per share, an increase of $0.05 from the previous quarter. Shareholders of record by the close of business on March 6, 2023 will receive the dividend on March 17, 2023. Notably, 50.44% of this dividend will be allocated to the Doyle Trust, supporting scholarships at Santa Rosa Junior College. Exchange Bank, headquartered in Sonoma County, boasts assets of $3.33 billion and offers a variety of banking services across its branches.

Positive

• Dividend increased from $1.25 to $1.30 per share, signaling strong financial health.
• 50.44% of the dividend supports community initiatives, enhancing corporate responsibility.

Negative

• None.

SANTA ROSA, Calif.--(BUSINESS WIRE)-- On February 22, 2023, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.30 per share on common stock outstanding to shareholders of record at the close of business on March 6, 2023. The dividend is March 17, 2023. The cash dividend increased $0.05 from the prior quarter’s dividend of $1.25 per share.

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.33 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment management services with 16 retail branches in Sonoma County, a commercial branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville and Silicon Valley. The Bank’s legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity and teamwork. Exchange Bank is known for its people who care about their customers, their company and the communities where they live and work. Exchange Bank is a 17-year winner of the North Bay Business Journal’s Best Places to Work survey and the 2022 San Francisco Business Times Corporate Philanthropy Award. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine’s Best of the North Bay readers’ poll. The Petaluma Argus Courier People’s Choice Awards named Exchange Bank Best Local Bank 2022 and the Bohemian Magazine’s Best of the North Bay 2022 named Exchange Bank Best Business Bank and Best Consumer Bank. www.exchangebank.com

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005834/en/

Shari DeMaris

EVP, Chief Financial Officer

Exchange Bank

(707) 524-3067

Source: Exchange Bank

FAQ

What is the dividend amount for Exchange Bank (EXSR) in 2023?

The dividend amount declared for Exchange Bank (EXSR) is $1.30 per share.

When will Exchange Bank's dividend be paid?

The dividend will be paid on March 17, 2023, to shareholders of record by March 6, 2023.

How much did Exchange Bank increase its dividend by?

Exchange Bank increased its dividend by $0.05 from the previous quarter.