Santa Cruz County Bank declares stock dividendOctober 20, 2017
Santa Cruz County Bank has declared a 10 percent stock dividend payable on Nov. 10 to shareholders as of the close of business on Oct. 31 with cash paid in lieu of fractional shares based on the closing price.
This is the first stock dividend declared by the bank, after 18 consecutive quarterly cash dividends.
David Heald, Santa Cruz County Bank president and CEO, noted the record quarter and year-to-date earnings through the third quarter of 2017.
Profit for the quarter ending Sept. 30 was a record $2.1 million, up 29 percent from a year ago.
This represents a 14.92 percent return on average equity.
Book value of the bank’s common stock was $25.75 per share, up from $22.41 a year ago.
For the first and second quarters, Santa Cruz County Bank was rated first for overall performance among California banks by Financial Management Consulting Group and a Five-Star “Superior” rating by Bauer Financial Reports.