MPB BHC, INC., Announces Special Cash Dividend

Rhea-AI Summary

MPB BHC, INC. (OTCPink:MPHX) has declared a special cash dividend of $0.725 per share, payable to shareholders of record as of May 3, 2021. This marks the first dividend since the bank's inception in 2007. Bank President Stephen P. Haggard emphasized the strong core earnings and robust capital position, indicating confidence in future growth. The dividend payment is subject to regulatory non-objection. The bank services small- to mid-sized businesses, offering various financial solutions.

Positive

• First-ever dividend declaration since inception.
• $0.725 per share dividend demonstrates a return on 2020 earnings.
• Strong core earnings and robust capital position support future growth.

Negative

• None.

PHOENIX, May 5, 2021 /PRNewswire/ -- MPB BHC, INC. (OTCPink:MPHX), the holding company for Metro Phoenix Bank, today announced that its Board of Directors approved a special cash dividend of $0.725 per share of common stock to shareholders of record as of the close of business on May 3, 2021. Payment of the dividend remains subject to regulatory non-objection.

This represents the first declaration of dividend since the Bank's inception. Future declarations of dividends are subject to the determination and discretion of MPB BHC, INC's Board of Directors.

Stephen P. Haggard, Bank President and Chief Executive Officer stated, "Our shareholders have been extremely patient and very supportive of our efforts in building a high-performing bank and it is appropriate timing to provide them with a return on their investment from 2020 earnings. Our core earnings have been very strong for several years, our asset quality is solid, we have an adequately funded loan loss reserve and our capital position remains very robust. Additionally, we are confident that Metro Phoenix Bank has a sustainable business model that will generate consistent earnings that will maintain a healthy capital position supportive of future growth initiatives. We are committed to enhancing shareholder value and we believe this special cash dividend is a small step in acknowledging our appreciation of our long-term shareholder support." 

About the Bank
Metro Phoenix Bank, Inc., established in 2007 and headquartered in Phoenix, Arizona, is a full-service community bank that caters to small- to mid-sized businesses and real estate professionals. MPB offers commercial clients a variety of services ranging from Commercial Real Estate Lending, Outdoor Media Lending, SBA financing solutions, and a robust treasury management platform that includes a Homeowners Association (HOA)/Property Management specialty program. The bank holding company (MPB BHC, INC.) is traded over-the-counter as MPHX. For additional information, visit: www.metrophoenixbank.com.

Forward-looking Statements
This press release may include forward-looking statements about Metro Phoenix Bank. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competition, fluctuations in interest rates, dependency on key individuals, loan defaults, geographical concentration, litigation and changes in federal laws, regulations, and interpretations thereof. All forward-looking statements included in this press release are based on information available at the time of the release. Metro Phoenix Bank assumes no obligation to update any forward-looking statement.

Contact:
Stephen P. Haggard
President & CEO
602-346-1800
shaggard@metrophoenixbank.com

 

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SOURCE Metro Phoenix Bank

FAQ

What is the dividend amount declared by MPB BHC, INC. on May 5, 2021?

MPB BHC, INC. declared a special cash dividend of $0.725 per share.

Who is eligible to receive the dividend from MPB BHC, INC.?

Shareholders of record as of May 3, 2021, are eligible to receive the dividend.

When will the dividend be paid to shareholders?

The payment of the dividend is subject to regulatory non-objection before it can be paid.

Is this the first dividend MPB BHC, INC. has declared?

Yes, this is the first declaration of a dividend since the establishment of the bank in 2007.