First Citrus Bancorporation, Inc. Raises Cash Dividend Five Consecutive Years

Rhea-AI Summary

First Citrus Bancorporation (OTC: FCIT) announced a special cash dividend of $0.45 per share, payable on March 4, 2021 for shareholders of record as of February 16, 2021. This marks the fifth consecutive year of record earnings and matching cash dividends, highlighting the bank's robust performance. As a regional bank, First Citrus Bancorporation has been ranked third among its peers in the Southeastern U.S. by S&P Global for its performance over the last three years, demonstrating its strong market position.

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• Declaration of $0.45 special cash dividend enhances shareholder returns.
• Fifth consecutive year of record earnings indicates strong financial health.
• Ranked third best-performing regional bank stock in the Southeastern U.S. over past three years.

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• None.

TAMPA, Fla., Feb. 01, 2021 (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 January 21, 2021, a $0.45 special cash dividend per share for all holders of Common, Class A Preferred, and Class B Preferred stock. On March 4, 2021, the dividend is payable to shareholders of record as of February 16, 2021.

"This is our fifth consecutive year of record earnings and we are pleased to match that operating performance with five consecutive years of record cash dividends," said John M. Barrett, President and Chief Executive Officer.       

About First Citrus Bancorporation, Inc.
First Citrus Bancorporation, Inc., is a Florida corporation and the parent bank holding company for First Citrus Bank, a Florida commercial bank. First Citrus Bancorporation, Inc., 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 $527 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 100 Community Banks in 2020 by American Banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the Small Business Administration. 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 the magazine Independent Banker. It serves businesses and individuals through a range of tailored financial solutions specializing in retail and commercial banking services with six locations throughout Tampa Bay, including a loan production office in St. Petersburg.

First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful. For additional information, please visit https://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." First Citrus Bancorporation assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.

For more information contact:
John Linton, EVP & Chief Financial Officer
813.792.7177
jlinton@firstcitrus.com

FAQ

What is the dividend amount declared by First Citrus Bancorporation?

The declared dividend amount is $0.45 per share.

When will the dividend for FCIT be paid?

The dividend will be paid on March 4, 2021.

Who is eligible to receive the special dividend from FCIT?

Shareholders of record as of February 16, 2021, are eligible to receive the dividend.

How long has First Citrus Bancorporation been declaring dividends?

First Citrus Bancorporation has declared dividends for five consecutive years.