VENTURA, CA -- County Commerce Bank (OTCBB: CNYB) announced today that its Board of Directors declared a 10% stock dividend on the bank’s common stock outstanding.
The dividend is payable April 30, 2011 to shareholders of record April 15, 2011. The dividend will be issued in the form of additional shares of stock. Cash will be issued in lieu of fractional shares.
According to Joseph D. Kreutz, President and CEO, “In keeping with our corporate objective of enhancing shareholder value, our Board of Directors, based on the strength of the past several quarters’ results, determined that it was appropriate to reward the shareholders with a stock dividend. We are more than pleased, particularly in these challenging economic times, that the bank finished 2010 with a 20.84% increase in profit while maintaining a healthy balance sheet.”
The bank’s total assets at year end 2010 were $170,383,000, a 6.26% increase from December 31, 2009. Capital increased $1,237,000 from $13,204,000 to $14,441,000, a 9.37% increase in investors’ equity for the year ended December 31, 2010. The bank’s net income for 2010 was $1,212,000, a 9.18% return on shareholders’ equity.
County Commerce Bank recently was recognized as one of the best performing banks in the nation. U.S. Banker magazine recognized County Commerce Bank as one of the Top 200 Community Banks out of 8,000 banks in the nation based on three year average ROE. Financial Management Consulting Group, a financial industry rating company that publishes bank performance reports, rated the bank in the top 5% of the best performing banks in all of California. D.A. Davidson & Co. named County Commerce Bank 2010’s top rated bank headquartered on California’s central coast. In addition, the bank has received the Super Premier Performing Bank and Premier Performing Bank status from The Findley Reports for the last six consecutive years and the Five-Star “Superior” rating by BauerFinancial Inc., for 24 consecutive quarters.
About County Commerce Bank
County Commerce Bank (OTCBB: CNYB) is a full-service commercial bank founded by local professionals and business leaders in Ventura County. The bank opened for business in February 2003 in Ventura at 3260 Telegraph Road (one block west of Mills) and added a second branch at 2400 E. Gonzales Road in Oxnard in 2007. County Commerce Bank, with assets over $175 million, offers professionals, businesses, and consumers a complete line of financial solutions including business and personal banking and credit services and state of the art technology along with a personalized banking experience. For more information, call 805-477-7600 in Ventura or 805-485-7600 in Oxnard or visit www.CountyCommerceBank.com.
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government, and general economic conditions.