Civista Bancshares, Inc. Declares Third Quarter Common Dividend

Rhea-AI Summary

Civista Bancshares, Inc. (NASDAQ: CIVB) announced a quarterly dividend of 14 cents per common share, amounting to approximately $2.2 million. Shareholders of record as of August 9, 2022 will receive the payment on August 23, 2022. This dividend results in an annualized yield of 2.50% based on a closing stock price of $22.42 on July 27, 2022. Following its merger with Comunibanc Corp., Civista will enhance its market presence, growing from a $3.0 billion to a $3.3 billion financial holding company.

Positive

• Quarterly dividend of 14 cents per share.
• Annualized yield of 2.50%.
• Dividend payout of approximately $2.2 million.
• Post-merger company valuation increases from $3.0 billion to $3.3 billion.

Negative

• None.

SANDUSKY, Ohio, July 29, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced today that the Board of Directors has approved a quarterly dividend of 14 cents per common share to shareholders of record August 9, 2022, payable August 23, 2022. 

This dividend represents a payout of approximately $2.2 million.  Based on the Civista's closing stock price of common shares of $22.42 on July 27, 2022, the quarterly dividend produces an annualized yield of 2.50%.

About Civista Bancshares, Inc.:
Prior to the merger with Comunibanc Corp., Civista Bancshares, Inc. was a $3.0 billion financial holding company headquartered in Sandusky, Ohio.  Civista's banking subsidiary, Civista Bank, operated 36 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky.  Upon completion of the merger, Civista will be an approximately $3.3 billion financial holding company, and Civista Bank will operate an additional seven locations in Northwestern Ohio.  Civista Bancshares, Inc. may be accessed at www.civb.com.  The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission.

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SOURCE Civista Bancshares, Inc.

FAQ

What is the dividend amount declared by Civista Bancshares for Q3 2022?

Civista Bancshares declared a quarterly dividend of 14 cents per common share.

When will the dividend be paid to shareholders?

The dividend will be paid on August 23, 2022, to shareholders of record as of August 9, 2022.

What is the annualized yield of the declared dividend for Civista Bancshares?

The annualized yield is 2.50% based on the stock price of $22.42.

What is the expected company valuation after the merger with Comunibanc?

Civista's valuation is expected to increase from $3.0 billion to $3.3 billion after the merger.