Santa Cruz County Bank Declares 10% Stock Dividend Payment to Shareholders

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) declared a 10% stock dividend payable on November 8, 2021, to shareholders of record as of October 26, 2021. The bank reported a net income of $16.6 million for the nine months ended September 30, 2021, a 23% increase from $13.5 million in the same period last year. With assets of $1.70 billion, the bank continues to enhance shareholder value through strong financial performance.

Positive

• Declared a 10% stock dividend, enhancing shareholder value.
• Net income increased by 23% to $16.6 million compared to the previous year.
• Strong asset base of $1.70 billion indicates financial stability.

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• None.

SANTA CRUZ, Calif., Oct. 19, 2021 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC), with assets of $1.70 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors declared a 10% stock dividend payable on November 8, 2021 to shareholders of record as of the close of business on October 26, 2021. Cash will be paid in lieu of fractional shares based on the closing price on the record date.

Chairman William J. Hansen stated, "We are pleased to provide our shareholders with a 10% stock dividend. The Board of Directors continue to manage stock liquidity while increasing shareholder value through exceptional financial performance."

The bank reported record performance for the nine months ended September 30, 2021. Net income for the nine months ended September 30, 2021 was $16.6 million compared to $13.5 million, a 23% increase, over the same period in 2020.

ABOUT SANTA CRUZ COUNTY BANK

Santa Cruz County Bank was founded in 2004. It is a top-rated, locally-owned and operated, full-service community bank headquartered in Santa Cruz, California. The bank has branches in Aptos, Capitola, Cupertino, Monterey, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The bank is a leading SBA lender in Santa Cruz County and Silicon Valley and a top USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.

Santa Cruz County Bank stock is publicly traded on the OTCQX marketplace under the symbol SCZC. Stock purchase orders may be placed online, through a brokerage firm, or through Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, visit www.sccountybank.com.

NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS

• S&P Global Top 100 Community Banks: The Bank has ranked in the Top 100 Community Banks in the nation for performance for banks under $3 billion in assets for 5 consecutive years.
• Financial Management Consulting (FMC) Group: The Bank has ranked in FMC's top ten banks in California for the past 6 years.
• The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier by Findley for 11 consecutive years.
• Bauer Financial Reports, Inc.: The Bank is rated 5-star "Superior" based upon its financial performance.
• Good Times, 2021 Best of Santa Cruz County Award, Voted "Best Bank" for 9 consecutive years.
• Santa Cruz Sentinel, 2020 Reader's Choice Award, number one bank in Santa Cruz County as voted by Santa Cruz Sentinel readers.
• Santa Cruz Waves Magazine, 2020 Swellies Awards, Voted "Favorite Bank" in Santa Cruz County.
• Second Harvest Food Bank, Platinum Level Award for the 2020 Holiday Food & Fund Drive.

This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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SOURCE Santa Cruz County Bank

FAQ

What is the stock dividend amount for SCZC?

Santa Cruz County Bank declared a 10% stock dividend.

When will the stock dividend for SCZC be paid?

The stock dividend will be paid on November 8, 2021.

What was the net income for Santa Cruz County Bank in 2021?

The net income for the nine months ended September 30, 2021, was $16.6 million.

What percentage increase did SCZC experience in net income?

The net income increased by 23% compared to the same period in 2020.

What are the record and payment dates for the SCZC dividend?

The record date for the dividend is October 26, 2021, and the payment date is November 8, 2021.