Jeffersonville Bancorp Announces Special Dividend of $0.15 per share

Rhea-AI Summary

Jeffersonville Bancorp, Inc. (JFBC) declared a special cash dividend of $0.15 per share on the common stock, payable on February 5, 2024, to stockholders of record as of January 29, 2024. The company had a successful 2023 with steady loan growth, improved credit quality, and low core funding costs. The higher rate environment contributed to interest on loans and balances at the Federal Reserve. George W. Kinne, Jr., President and CEO, expressed satisfaction with the positive results and strong capital position, leading to the reward for loyal shareholders.

Positive

• Successful 2023 with steady loan growth and improved credit quality
• Higher rate environment contributed significantly to interest on loans and balances at the Federal Reserve
• Strong capital position allowed for the reward of loyal shareholders with a special cash dividend

Negative

• None.

JEFFERSONVILLE, N.Y., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) announced today that a special cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the January 16, 2024 meeting of the Board of Directors. The dividend is payable on February 5, 2024 to stockholders of record at the close of business on January 29, 2024.

"The Company had an exceptional year in 2023 due to steady loan growth, improved credit quality, and low core funding costs. In addition, the higher rate environment contributed significantly to interest on loans and balances at the Federal Reserve," said George W. Kinne, Jr., President and CEO. “The Board of Directors is pleased that with our positive results and strong capital position, they are able to reward our loyal shareholders with this special cash dividend."

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

For More Information, call: 845-482-4000

Contact: George W. Kinne, Jr., President – CEO

FAQ

What is the ticker symbol for Jeffersonville Bancorp, Inc.?

The ticker symbol for Jeffersonville Bancorp, Inc. is JFBC.

When is the special cash dividend payable?

The special cash dividend is payable on February 5, 2024.

What were the key factors contributing to the successful 2023 for Jeffersonville Bancorp, Inc.?

The successful 2023 was attributed to steady loan growth, improved credit quality, and low core funding costs.

How many full-service branches does Jeff Bank maintain?

Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York.

Who is the President and CEO of Jeffersonville Bancorp, Inc.?

George W. Kinne, Jr. is the President and CEO of Jeffersonville Bancorp, Inc.