Valley Commerce Bancorp, parent company of Valley Business Bank in Visalia, announced a cash dividend of 6 cents per share.
The dividend, payable to shareholders of record on June 7, will be distributed on or around June 28. With just more than 2.81 million shares outstanding, the dividend totals approximately $169,000.
“We greatly appreciate our shareholders who were so supportive during the years when there was uncertainty in both the economy and the community banking industry,” said Walter Dwelle, Valley Commerce Bancorp’s board chairman, in a release. “It was truly gratifying to see the market price of our stock trend higher as a result of our strong, steady performance since the recession ended, a trend we will work tirelessly to maintain going forward.”
Valley Business Bank reported a net income of $743,000, or 26 cents per share, in the first quarter of the year compared to earnings of $859,000 or 27 cents per share, for the same quarter in 2012.
Founded in 1996, Valley Business Bank has locations in Visalia, Fresno, Tulare, Tipton and Woodlake. Valley Commerce Bancorp trades on OTC Markets under the ticker symbol VCBP.