Peoples Bancorp (OTC: PEBC), parent company of The Peoples Bank, announced that its Board of Directors declared a cash dividend of 45 cents ($0.45) per share of common stock at their meeting on January 20, 2016. This action marks the company’s resumption of cash dividends.
The cash dividend is payable on March 1, 2016 to shareholders of record at the close of business on January 20, 2016.
“We are pleased to announce the resumption of dividends to our shareholders with an annual dividend based on 2015 earnings,” stated Ralph W. Dowling, President and CEO of Peoples Bancorp and The Peoples Bank. “We anticipate that future dividends will be evaluated on a six-month cycle based upon profitability for the previous period. In addition to cash dividends, the board of directors is considering establishing a stock buy-back program. Such programs would likely enhance shareholder liquidity while increasing remaining shareholders’ earnings per share. We thank the shareholders for their investment in Peoples Bancorp.”
Peoples Bancorp, parent company to The Peoples Bank, currently maintains consolidated assets totaling more than $239 million. Founded in 1910, The Peoples Bank is a community bank with six branch offices and insurance agency subsidiary, Fleetwood, Athey, MacBeth & McCown, Inc. serving Kent, Queen Anne’s, and Cecil County, MD (www.pbkc.com). “Our strategic plan includes diversification into adjacent markets that are experiencing population growth and more robust real estate activity. To that end I am pleased to announce the approval of an Easton location. We have contracted for the purchase of the building located at 204 N. Washington Street in Easton and are in the process of renovating the same. We expect to open a loan production office in February and expect to open as a full-service branch in the second quarter.” stated Dowling.
Write a Letter to the Editor on this Article
We encourage readers to offer their point of view on this article by submitting the following form. Editing is sometimes necessary and is done at the discretion of the editorial staff.