Malaga Financial Corporation Announces 77th Consecutive Quarterly Cash Dividend

Rhea-AI Summary

Malaga Financial Corporation declares cash dividend of 25 cents per share, representing a 4.30% annualized yield based on recent closing price of $23.24.

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• Declaration of cash dividend rewards shareholders for their investment.

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• None.

PALOS VERDES ESTATES, Calif., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Malaga Financial Corporation (OTCPink:MLGF) announced today the declaration of a cash dividend in the amount of 25 cents per share to shareholders of record on September 22, 2023. This dividend represents a 4.30% annualized yield based on our most recent closing price of $23.24. The dividend will be paid out on or about October 2, 2023. Randy C. Bowers, Chairman, President and CEO, remarked, “In 2023 we have continued to experience the interest rate increases necessary to fight inflation and resulting difficult financial environment that began in 2022. We are pleased that our strong earnings and balance sheet have positioned us to declare this 25-cent quarterly dividend and reward our shareholders for their investment. Our thanks also to our dedicated colleagues for their efforts in achieving these results.”

Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over fifteen years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 63^rd consecutive quarter as of June 2023. Since 1985, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.

Contact:
Randy Bowers
Chairman, President, and Chief Executive Officer
Malaga Financial Corporation
(310) 375-9000
rbowers@malagabank.com