Santa Cruz County Bank Declares Quarterly Cash Dividend Payment to Shareholders and Change in 2-for-1 Stock Split Payment Date

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) announced a quarterly cash dividend of $0.09 per share, payable on April 4, 2022, to shareholders of record by March 29, 2022. This dividend follows a recent 2-for-1 stock split increasing the number of shares from approximately 4.27 million to over 8.5 million. The Bank reported a 21% increase in net income for the twelve months ending December 31, 2021, totaling $21.3 million, marking a strong performance.

Positive

• Quarterly cash dividend increased to $0.09 per share.
• 21% increase in net income to $21.3 million for the year ended December 31, 2021.
• 2-for-1 stock split, increasing total shares from 4.27 million to over 8.5 million.

Negative

• Recent dividend represents a decrease from previous quarterly payout of $0.125 per share.

SANTA CRUZ, Calif., March 15, 2022 /PRNewswire/ -- Santa Cruz County Bank www.sccountybank.com (OTCQX: SCZC), with assets over $1.7 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the Bank announced that its Board of Directors declared a quarterly cash dividend of $0.09 per share. The dividend is payable on April 4, 2022 to shareholders of record as of the close of business on March 29, 2022.

Chairman William J. Hansen stated, "The Board of Directors of Santa Cruz County Bank are pleased to announce an increase to the quarterly cash dividend paid to our shareholders. The new increased dividend will be $.09 per share and will be payable on April 4, 2022. This cash payment follows the recent 2-for-1 stock split declared by the Board, whereby our shareholders will receive one share of stock for every share held as of the record date."

The Bank's most recent quarterly cash dividend was $0.125 per share, based on the pre-split shares, and was paid on January 10, 2022. On February 15, 2022, the Bank's Board of Directors declared a 2-for-1 stock split, which will double the number of shares held by shareholders from approximately 4.27 million shares to over 8.5 million shares.

The Bank also announced its Board of Directors approved changing the payment date of its 2-for-1 stock split to March 16, 2022 after the market closes. The 2-for-1 stock split was previously scheduled to be paid on March 14, 2022 to shareholders of record as of March 3, 2022.

The Bank reported record performance for the twelve months ended December 31, 2021. Net income for the twelve months ended December 31, 2021 was $21.3 million compared to $17.6 million, a 21% increase, over the prior year.

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 located 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. For more information about Santa Cruz County Bank, visit www.sccountybank.com.

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 dividend amount declared by Santa Cruz County Bank for SCZC?

The Bank declared a quarterly cash dividend of $0.09 per share.

When will the dividend for SCZC be paid?

The dividend will be payable on April 4, 2022.

What is the record date for the SCZC dividend?

The record date for the dividend is March 29, 2022.

What was the Bank's net income for the year ended December 31, 2021?

The net income was $21.3 million, a 21% increase compared to the prior year.

What changes were made to the stock split payment date for SCZC?

The payment date for the 2-for-1 stock split was changed to March 16, 2022.