Marquette National Corporation Declares a Dividend of $0.27 per Share

Rhea-AI Summary

Marquette National Corporation (OTCQX: MNAT) has declared a cash dividend of $0.27 per share, payable on January 3, 2022, to shareholders of record by December 17, 2021. This dividend decision reflects the company's financial stability, with total assets approximating $2.053 billion as of September 30, 2021. Additionally, the Board authorized a stock repurchase program of up to $1.5 million to be executed through December 31, 2022.

Positive

• Declared a cash dividend of $0.27 per share, indicating confidence in financial stability and returning value to shareholders.
• Authorized a stock repurchase program of up to $1.5 million, potentially supporting share price.
• Total assets of approximately $2.053 billion reflecting a solid financial foundation.

Negative

• None.

CHICAGO, Oct. 20, 2021 /PRNewswire/ -- Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.27 per share. The dividend will be payable on January 3, 2022 to shareholders of record on December 17, 2021.  As of September 30, 2021, Marquette had 4,369,746 shares issued and outstanding. 

The Company also announced that its Board of Directors authorized the repurchase of up to $1,500,000 of its outstanding common stock at prevailing market prices through open market or negotiated transactions. The repurchase program is authorized to last through December 31, 2022.

Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.053 billion.  The Company's banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers.  Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Romeoville and Summit, Illinois.  For more information visit:  http://www.emarquettebank.com.

Special Note Concerning Forward-Looking Statements
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions.  A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements.  These factors include, among others, the following: (i) the effects of the COVID-19 pandemic, including its potential effects on the economic environment, the Company's customers and its operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic;(ii) the strength of the local, state, national and international economies (including the impact of the 2020 presidential election and the impact of tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations); (iii) changes in accounting policies and practices (including as a result of the future implementation of the current expected credit loss (CECL) impairment standards, that will change how the Company estimates credit losses); (iv) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (v) changes in interest rates and prepayment rates of the Company's assets (including the impact of LIBOR phase-out); (vi) increased competition in the financial services sector and the inability to attract new customers; (vii) the economic impact of any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) the loss of key executives or employees; (x) changes in consumer spending; and (xi) unexpected outcomes of existing or new litigation involving the Company.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
phunt@emarquettebank.com

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SOURCE Marquette National Corporation

FAQ

What is the dividend amount declared by Marquette National Corporation (MNAT)?

The declared dividend amount is $0.27 per share.

When will the dividend be paid to shareholders of MNAT?

The dividend will be payable on January 3, 2022.

What is the record date for the dividend payment for MNAT?

The record date for the dividend is December 17, 2021.

What is the purpose of the stock repurchase program authorized by MNAT?

The stock repurchase program aims to buy back up to $1.5 million of outstanding shares, which may support the stock price.

What are the total assets of Marquette National Corporation?

As of September 30, 2021, the total assets are approximately $2.053 billion.