Northeast Indiana Bancorp, Inc. Increases Quarterly Cash Dividend And Names Christopher D. Cook Senior Vice President/Chief Financial Officer

Rhea-AI Summary

Northeast Indiana Bancorp (NIDB) has announced a quarterly cash dividend increase of $0.30 per common share, marking the 27th consecutive year of dividend growth. The new dividend reflects a $0.02 per share increase, or 7.1%, over the previous quarter. This results in an annualized yield of 2.7% based on a closing price of $44.50 on October 27, 2021. The dividend will be payable on November 26, 2021, to shareholders of record on November 11, 2021. Additionally, Christopher D. Cook has been appointed as CFO as of October 25, 2021.

Positive

• Quarterly cash dividend increased by $0.02 or 7.1%.
• 27th consecutive year of increasing cash dividends.
• Annualized dividend yield of 2.7% based on recent stock price.

Negative

• None.

HUNTINGTON, Ind., Nov. 2, 2021 /PRNewswire/ -- The Board of Directors of Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, is proud to announce the Corporation has increased the cash dividend paid to shareholders for the 27th year in a row. 

The cash dividend of $0.30 per common share per quarter represents a $0.02 per share or 7.1% increase over the Company's previous quarterly dividend.  President and CEO Michael S. Zahn stated, "We are pleased to reward our shareholders with our 27^th consecutive year of increasing our cash dividend.  Due to our continued strong financial performance and capital levels, the Board of Directors feels the dividend increase is warranted."  The dividend will be payable on November 26, 2021 to shareholders of record on November 11, 2021.  This makes an annualized dividend yield of 2.7% based on a closing price of $44.50 per common share, which was the last reported trade on October 27, 2021.  The book value of NIDB's stock was $40.75 per common share as of September 30, 2021 with 1,202,985 shares outstanding.

In addition, Christopher D. Cook had joined the bank on October 25^th, 2021, assuming the role of Senior Vice President/Chief Financial Officer.  Cook has over 25 years of banking experience and has 10 years of experience as CFO at another institution.  In addition, Cook was appointed to the Board of Directors for both the Bank and the Holding Company.  Zahn comments, "We are extremely excited to welcome Chris to our team.  His vast banking experience and expertise will immediately add value to the organization."  Cook is a Certified Public Accountant along with a Bachelor's Degree and a Master's of Business Administration from Ball State University and completed the Graduate School of Banking in Madison WI.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana.  The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne (2).  The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB".  Our web site address is www.firstfedindiana.bank.

 

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SOURCE Northeast Indiana Bancorp, Inc.

FAQ

What is the new dividend amount for NIDB?

The new cash dividend is $0.30 per common share.

When will the dividend be paid to shareholders?

The dividend will be payable on November 26, 2021.

What is the annualized dividend yield of NIDB?

The annualized dividend yield is 2.7% based on a closing price of $44.50.

Who has been appointed as the new CFO of NIDB?

Christopher D. Cook was appointed as Senior Vice President/Chief Financial Officer on October 25, 2021.