City Bank Announces a 3-for-2 Stock Split, Special Cash Dividend, and Regular Cash Dividend
08 Noviembre 2006 - 6:07PM
Business Wire
On November 8, 2006, the Board of Directors of City Bank
(NASDAQ:CTBK) declared a 3-for-2 stock split to shareholders of
record as of December 8, 2006, and payable on December 22, 2006.
Shareholders of record as of December 8, 2006, will receive one
additional share for every two shares they own. Shareholders
entitled to receive fractional shares due to the split will receive
cash in lieu of the fractional shares, payable on December 22,
2006, based on the closing price of City Bank stock as of December
8, 2006. In addition, the Board declared a special cash dividend of
$1.00 per share and a regular quarterly cash dividend of $0.15 per
share to shareholders of record as of December 22, 2006, and
payable on January 12, 2007. The $1.00 special cash dividend
translates into a pre-split cash dividend of $1.50 per share while
the $0.15 per share quarterly cash dividend, the Bank�s 72nd
consecutive quarterly dividend, translates into a pre-split cash
dividend of $0.225 per share, or an increase of 12.50% over the
previous quarter�s dividend. City Bank is a state-chartered
commercial bank founded in 1974 and headquartered in Lynnwood,
Washington. Eight banking offices and two mortgage loan production
offices serve Snohomish, North King and Pierce counties. City Bank
provides a wide range of banking services for business and
individuals, including loans for residential construction, land
development, mortgage, commercial, Small Business Administration,
consumer, and all types of deposits as well as other general
banking services. City Bank has been consistently recognized as one
of the top performing banks in Washington state as well as
nationally. Safe Harbor This release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 ("PSLRA"). Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those projected, including, but not limited
to, the following: general economic conditions and its impacts on
the company�s client base; loan concentrations; business conditions
in the banking industry; the regulatory environment; new
legislation; heightened national security risks, including acts of
terrorism; vendor quality and efficiency; employee retention
factors; rapidly changing technology and evolving banking industry
standards; competitive factors, including increased competition
among financial institutions; fluctuating interest rate
environments; cash flow, operating performance, availability of
retained earning and decisions made by its board of directors with
respect to dividend practices and similar matters. Readers are
cautioned not to place undue reliance on the forward-looking
statements. City Bank undertakes no obligation to publicly revise
or update the forward-looking statements to reflect events or
circumstances that arise after the date of this release. Readers
should also carefully review any risk factors described in its
Annual Report on Form 10-K, the most recent Form 10-Q and other
documents including any Form 8-Ks provided to or filed from time to
time with the Federal Deposit Insurance Corporation. This statement
is included for the express purpose of invoking PSLRA's safe harbor
provisions. On November 8, 2006, the Board of Directors of City
Bank (NASDAQ:CTBK) declared a 3-for-2 stock split to shareholders
of record as of December 8, 2006, and payable on December 22, 2006.
Shareholders of record as of December 8, 2006, will receive one
additional share for every two shares they own. Shareholders
entitled to receive fractional shares due to the split will receive
cash in lieu of the fractional shares, payable on December 22,
2006, based on the closing price of City Bank stock as of December
8, 2006. In addition, the Board declared a special cash dividend of
$1.00 per share and a regular quarterly cash dividend of $0.15 per
share to shareholders of record as of December 22, 2006, and
payable on January 12, 2007. The $1.00 special cash dividend
translates into a pre-split cash dividend of $1.50 per share while
the $0.15 per share quarterly cash dividend, the Bank's 72nd
consecutive quarterly dividend, translates into a pre-split cash
dividend of $0.225 per share, or an increase of 12.50% over the
previous quarter's dividend. City Bank is a state-chartered
commercial bank founded in 1974 and headquartered in Lynnwood,
Washington. Eight banking offices and two mortgage loan production
offices serve Snohomish, North King and Pierce counties. City Bank
provides a wide range of banking services for business and
individuals, including loans for residential construction, land
development, mortgage, commercial, Small Business Administration,
consumer, and all types of deposits as well as other general
banking services. City Bank has been consistently recognized as one
of the top performing banks in Washington state as well as
nationally. Safe Harbor This release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 ("PSLRA"). Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those projected, including, but not limited
to, the following: general economic conditions and its impacts on
the company's client base; loan concentrations; business conditions
in the banking industry; the regulatory environment; new
legislation; heightened national security risks, including acts of
terrorism; vendor quality and efficiency; employee retention
factors; rapidly changing technology and evolving banking industry
standards; competitive factors, including increased competition
among financial institutions; fluctuating interest rate
environments; cash flow, operating performance, availability of
retained earning and decisions made by its board of directors with
respect to dividend practices and similar matters. Readers are
cautioned not to place undue reliance on the forward-looking
statements. City Bank undertakes no obligation to publicly revise
or update the forward-looking statements to reflect events or
circumstances that arise after the date of this release. Readers
should also carefully review any risk factors described in its
Annual Report on Form 10-K, the most recent Form 10-Q and other
documents including any Form 8-Ks provided to or filed from time to
time with the Federal Deposit Insurance Corporation. This statement
is included for the express purpose of invoking PSLRA's safe harbor
provisions.
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