HILLSDALE, Mich. - CNB Community Bancorp, Inc. (OTCQX: CNBB), the parent of County National Bank, has declared a quarterly cash dividend of $0.29 per share. This dividend is in line with the previous quarter's distribution and is scheduled to be paid on October 11, 2024, to shareholders of record as of September 30, 2024.
The announcement reflects the company's consistent shareholder returns, with the dividend amount remaining unchanged from the third quarter of 2023. CNB Community Bancorp, a one-bank holding company, operates through its subsidiary, County National Bank. The bank has been a fixture in Southern Michigan since 1934, offering a range of financial services including investment management and trust services.
County National Bank, known for its community-based banking model, operates 13 full-service offices and 19 ATMs across the region. The bank's commitment to serving the local community has been a cornerstone of its business model for decades.
In a recent ranking by American Banker Magazine, CNB was listed 85th in the Top 100 publicly traded banks under $2 billion, highlighting its standing within the banking community. The company's corporate headquarters are located in Hillsdale, Michigan.
The announcement of the dividend is based on a press release statement from CNB Community Bancorp, Inc. This decision by the Board of Directors indicates the company's ongoing commitment to providing value to its shareholders while maintaining its financial stability and continuing to serve its community effectively.
InvestingPro Insights
CNB Community Bancorp, Inc.'s (OTCQX: CNBB) recent declaration of a quarterly cash dividend aligns with its history of consistent shareholder returns. Notably, CNBB has a track record of raising its dividend for seven consecutive years, underlining its commitment to returning value to its shareholders. This pattern of dividend growth is a positive sign for investors looking for stable income streams.
InvestingPro data highlights CNBB's robust financial metrics, with a P/E Ratio of 6.79 and an adjusted P/E Ratio for the last twelve months as of Q4 2023 at 7.97. The company's market capitalization stands at 84.62 million USD, which, when paired with a dividend yield of 4.33% as of the end of June 2024, positions CNBB as a potentially attractive option for dividend-seeking investors.
Among the InvestingPro Tips, it's worth noting that CNBB is currently trading near its 52-week high, with the price being 99.22% of this peak. This could indicate market confidence in the company's performance and future prospects. Additionally, the stock has seen a strong return over the last three months, with a price total return of 16.4%, which may interest growth-oriented investors.
For those interested in further insights, InvestingPro offers additional tips on CNBB, providing a deeper dive into the company's financial health and market performance. To explore these tips, investors can visit https://www.investing.com/pro/CNBB.
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