Evans Bancorp, Inc. Announces Increased and Accelerated Dividend of $0.24 Per Share
HAMBURG, N.Y.--(BUSINESS WIRE)-- Evans Bancorp, Inc. (the "Company) (NYSE MKT:EVBN) a community financial services company serving Western New York since 1920, announced today that its Board of Directors has declared a cash dividend of $0.24 per share on its outstanding common stock, a 9% increase from its previous $0.22 per share dividend paid on October 9, 2012. This dividend payment equates to an annualized yield of 3.1%. The dividend is payable on December 31, 2012 to shareholders of record as of December 21, 2012. The cash dividend represents an accelerated payment of the Company's semi-annual dividend scheduled to be paid in April 2013.
David J. Nasca, President and CEO of Evans Bancorp, stated, "Given the uncertainty surrounding the federal tax treatment of dividends in the future, we believe the prepayment of our first semi-annual dividend for 2013 is in the best interest of our shareholders. The increase and acceleration of our dividend payment is attributable to the strength of our balance sheet and our strong capital position."
The Company has approximately 4.1 million shares outstanding.
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $799 million in assets, 14 branches and $673 million in deposits at September 30, 2012. Evans is a full-service community bank, providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Bancorp's wholly-owned insurance subsidiary, The Evans Agency, LLC, provides property and casualty insurance through 7 insurance offices in the Western New York region. Evans Investment Services, Inc., a wholly-owned subsidiary of Evans Bank, provides non-deposit investment products, such as annuities and mutual funds.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp's Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.
Evans Bancorp, Inc.
Gary A. Kajtoch, 716-926-2007
Executive Vice President and Chief Financial Officer
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
KEYWORDS: United States North America New York
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