Jefferson Security Bank Announces Semi-Annual Dividend and Stock Repurchase Program

Rhea-AI Summary

Jefferson Security Bank (OTC Pink: JFWV) has declared a semi-annual dividend of $1.00 per share, a $0.05 increase from the previous year. The dividend will be paid on March 12, 2021, to shareholders of record as of March 1, 2021. Additionally, the Board approved a stock repurchase program allowing the buyback of up to 3,500 shares at $85.00 each, effective February 19, 2021. This program aims to provide liquidity and is subject to regulatory restrictions, with the possibility of suspension or modification.

Positive

• Dividend increased from $0.95 to $1.00 per share, boosting shareholder returns.
• Stock repurchase program enhances liquidity for investors.

Negative

• None.

President and CEO of Jefferson Security Bank (OTC Pink: JFWV), Cindy Kitner, announced that the Board of Directors declared a semi-annual dividend at its February 17, 2021 meeting in the amount of $1.00 per share, payable on March 12, 2021 to shareholders of record on March 1, 2021. This represents an increase of $0.05 per share when comparing the previous semi-annual dividend in 2020 of $0.95 per share.

The Board of Directors also approved the repurchase of up to 3,500 shares of Jefferson Security Bank stock at $85.00 per share, effective today, February 19, 2021. Under the current stock repurchase program, Jefferson Security Bank is permitted by the FDIC to repurchase up to 15,000 common shares issued and outstanding either on the open market or in privately negotiated transactions through June 15, 2021, subject to all state and regulatory restrictions.

Management of Jefferson Security Bank believes the stock repurchase program provides an additional source of liquidity for shareholders and is in the best interest of the shareholders. The stock repurchase program does not obligate Jefferson Security Bank to purchase any particular number of shares of common stock during any period. The timing, price and quantity of purchases under the stock repurchase program will be at the discretion of the Board of Directors and the program may be discontinued, suspended or restarted at any time depending on the facts and circumstances.

About Jefferson Security Bank

Jefferson Security Bank is an independent community bank evolving with the needs of the customers and the communities it serves. Serving individuals, businesses and community organizations, Jefferson Security Bank strives to support entrepreneurial efforts within its target markets. Delivering long-term value to its shareholders is at the core of the organization’s culture. Jefferson Security Bank is a West Virginia state-chartered bank that was formed and opened for business on May 19, 1869, making it the oldest bank in Jefferson County, West Virginia. The bank provides general banking services in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. Visit www.JSB.bank for more information

This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections.

Offices: 105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210219005489/en/

FAQ

What is the new dividend amount for JFWV shareholders announced in February 2021?

The new dividend amount is $1.00 per share, an increase from $0.95 per share in 2020.

When will the dividend for JFWV be paid to shareholders?

The dividend will be paid on March 12, 2021, to shareholders of record as of March 1, 2021.

What is the purpose of the stock repurchase program announced by JFWV?

The stock repurchase program is intended to provide liquidity for shareholders and enhance shareholder value.

How many shares is JFWV allowed to repurchase under the new program?

Jefferson Security Bank is permitted to repurchase up to 15,000 common shares through June 15, 2021.

What is the repurchase price per share for JFWV announced in February 2021?

The repurchase price is set at $85.00 per share.