Surrey Bancorp Announces First Quarter Cash Dividend of $0.12 per share of Common Stock

Rhea-AI Summary

Surrey Bancorp has declared a quarterly cash dividend of $0.12 per share, payable on April 10, 2023, to shareholders on record by March 17, 2023. This decision reflects the Company’s strong financial standing and its commitment to enhancing shareholder value, as stated by CEO Ted Ashby. The Company, which operates through Surrey Bank & Trust, is well-positioned in North Carolina and Virginia with multiple branch locations. Alongside this dividend announcement, Surrey Bancorp is involved in a proposed merger with First Community Bankshares. Shareholders are encouraged to review associated documents for comprehensive details regarding the merger.

Positive

• Quarterly cash dividend of $0.12 per share announced, reflecting strong financial condition.
• Commitment to delivering shareholder value emphasized by management.

Negative

• None.

MOUNT AIRY, N.C., March 01, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Surrey Bancorp (“the Company”, Pink Sheets: SRYB) has declared a quarterly cash dividend of 12 cents ($0.12) per share on the Company’s common stock. The cash dividend is payable on April 10, 2023, to shareholders of record as of the close of business on March 17, 2023. Ted Ashby, CEO of Surrey Bancorp, stated the dividend was based on the Company’s current operating results, its strong financial condition and a commitment to delivering shareholder value.

Surrey Bancorp is the bank holding company for Surrey Bank & Trust (the “Bank”) and is located at 145 North Renfro Street, Mount Airy, North Carolina. The Bank operates full service branch offices at 145 North Renfro Street, and 2050 Rockford Street in Mount Airy and a limited service branch at 1280 West Pine Street in Mount Airy. Full-service branch offices are also located at 653 South Key Street in Pilot Mountain, 393 CC Camp Road in Elkin and 1096 Main Street in North Wilkesboro, North Carolina and 940 Woodland Drive in Stuart, Virginia.

Surrey Bank & Trust can be found online at www.surreybank.com.

Additional Information and Where to Find It

With respect to the proposed merger of the Company and First Community Bankshares, Inc. (“First Community”), this communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the merger, First Community has filed with the SEC a registration statement on Form S-4 that includes a proxy statement/prospectus for the Company’s shareholders. The Company has mailed the proxy statement/prospectus to its shareholders. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE ENTIRE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The proxy statement/prospectus, as well as other filings containing information about the Company and First Community, are available without charge, at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and other documents filed with the SEC in connection with the merger can also be obtained, without charge, or by requesting them in writing or by telephone from First Community or Surrey at the following addresses:

First Community Bankshares, Inc. 29 College Drive Bluefield, Virginia 24605-0989 Attention: David D. Brown Telephone: (276) 326-9000

Surrey Bancorp 145 N Renfro Street Mount Airy, North Carolina 27030 Attention: Edward C. Ashby, III Telephone: (336) 783-3900 Regan & Associates, Inc. 505 Eighth Avenue, Suite 800 New York, NY 10018 Attention: Artie Regan Telephone: (800) 737-3426

Participants in the Merger Solicitation

The Company and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in connection with the merger. Information regarding the directors and executive officers of the Company is included in the proxy statement/prospectus for the Company’s special meeting of shareholders, which has also been filed by First Community with the SEC. Additional information regarding the interests of such participants is included in the proxy statement/prospectus and other relevant documents regarding the merger filed by First Community with the SEC.

 

FAQ

What is the dividend amount for Surrey Bancorp (SRYB)?

Surrey Bancorp has declared a quarterly cash dividend of $0.12 per share.

When will Surrey Bancorp (SRYB) pay its dividend?

The dividend will be payable on April 10, 2023.

What is the record date for the Surrey Bancorp (SRYB) dividend?

The record date for the dividend is March 17, 2023.

Is Surrey Bancorp (SRYB) involved in any mergers?

Yes, Surrey Bancorp is proposing a merger with First Community Bankshares.

Where can shareholders find more information about the merger involving Surrey Bancorp (SRYB)?

Shareholders can find more information in the proxy statement/prospectus filed with the SEC.