SANTA ROSA, Calif. - The Exchange Bank Board of Directors has announced a quarterly cash dividend of $1.30 per share on common stock. The dividend is payable to shareholders of record as of the close of business on September 6, 2024, with the payment date scheduled for September 20, 2024.
Approximately 50.44% of the dividend, totaling around $1.12 million, is earmarked for the Doyle Trust, which supports the Doyle Scholarships at Santa Rosa Junior College. This allocation continues the bank's tradition of community support and investment in education.
Founded in 1890 and based in Sonoma County, Exchange Bank is a community bank with assets totaling $3.31 billion. It operates 16 retail branches within Sonoma County, an additional branch in Roseville, and maintains Trust & Investment Management offices in Santa Rosa, Roseville, Marin County, and Silicon Valley. The bank prides itself on a legacy of financial leadership and community backing, underpinned by values of commitment, respect, integrity, and teamwork.
Exchange Bank has consistently been recognized for its workplace environment and community involvement. It boasts a 19-year streak as one of the North Bay Business Journal's Best Places to Work and has been voted the Best Bank of Sonoma County multiple times by the readers of the Press Democrat. Additionally, it has received accolades for being a top consumer bank and has been honored for its corporate philanthropy.
This announcement is based on a press release statement and contains forward-looking information that involves risks and uncertainties. Such statements include plans or objectives for future operations and forecasts of economic performance, which are not guarantees of future performance and are subject to change.
Exchange Bank is a member of the FDIC, an Equal Housing Lender, and an Equal Opportunity Employer.
InvestingPro Insights
In light of Exchange Bank's recent dividend announcement, a glance at the InvestingPro data reveals key financial metrics that may interest investors. With a market capitalization of $181.72 million and a P/E ratio that stands at 7.83, the bank presents a value proposition in the financial sector. The InvestingPro data also notes a P/E ratio (adjusted) of 12.83 for the last twelve months as of Q2 2024, which could indicate the bank's earnings relative to its share price are becoming more attractive over time.
An InvestingPro Tip highlights that Exchange Bank has maintained dividend payments for 13 consecutive years, showcasing a commitment to returning value to shareholders consistently. Additionally, the bank has been profitable over the last twelve months, which is a testament to its operational efficiency and financial stability.
Investors may also find the dividend yield of 4.91% as of the latest data point to be a compelling aspect of the bank's investment profile, especially considering the current interest rate environment.
For those looking to delve deeper into Exchange Bank's financial performance and future prospects, InvestingPro offers additional tips and insights. Currently, there are over 10 additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/EXSR. These tips could provide a more nuanced understanding of the bank's financial health and strategic direction.
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