First Citrus Bancorporation, Inc. Declares Special Cash Dividend

Rhea-AI Summary

First Citrus Bancorporation (FCIT) announced a $0.12 special cash dividend per share, payable on March 14, 2022, to shareholders of record as of February 28, 2022. This marks the bank's sixth consecutive year of record earnings and reflects a strong operational performance. John M. Barrett, CEO, expressed intentions to consider quarterly dividends moving forward. FCIT has been recognized as the third best-performing regional bank stock in the Southeastern U.S. over the last three years by S&P Global Market Intelligence.

Positive

• Declared a $0.12 special cash dividend, signaling strong financial performance.
• Achieved sixth consecutive year of record earnings.
• Plans to evolve dividend strategy to quarterly payments, indicating sustainability and growth.

Negative

• None.

TAMPA, Fla., Feb. 28, 2022 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, announced that its Board of Directors declared on February 17, 2022, a $0.12 special cash dividend per share on March 14, 2022, to all holders of Common, Class A Preferred and Class B Preferred stock to shareholders of record as of February 28, 2022.

"This marks our sixth consecutive year of record earnings. As we continue our long-term track record of success, we'll evolve into considering dividends quarterly instead of annually. Thus, we are pleased to match our record operating performance with a record quarterly special dividend," said John M. Barrett, President and Chief Executive Officer.

About First Citrus Bancorporation, Inc.
FCIT is headquartered in Tampa, Florida and was ranked as the third best-performing regional bank stock in the Southeastern United States over the past three years by S&P Global Market Intelligence. Stock trades on the OTC Markets under the ticker symbol "FCIT."

About First Citrus Bank
First Citrus Bank, a $670 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 100 Community Banks in 2021 by American Banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the SBA, First Citrus Bank was selected as the Tampa Bay Chamber of Commerce 2019 Small Business of the Year and ranked as one of the Top 25 Commercial Loan Producers in the nation by Independent Banker magazine. It serves businesses and individuals through a range of tailored financial solutions specializing in personal and business banking services with six locations throughout Tampa Bay.

First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful. For additional information, please visit http://www.firstcitrus.com.

Information in this release relating to the company's future prospects, which are forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words, such as "expects," "believe," "will," "intends," "will be" or "would." FCIT assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.

FAQ

What is the dividend amount declared by FCIT?

FCIT declared a special cash dividend of $0.12 per share.

When will the FCIT dividend be paid?

The dividend will be paid on March 14, 2022.

Who are the shareholders eligible for the FCIT dividend?

Shareholders of record as of February 28, 2022, are eligible for the FCIT dividend.

How long has FCIT been achieving record earnings?

FCIT has achieved record earnings for six consecutive years.

What plans does FCIT have for future dividends?

FCIT intends to consider quarterly dividends instead of annual ones.