MCKENNEY, Va., Dec. 12, 2007 (PRIME NEWSWIRE) -- Bank of McKenney (Nasdaq:BOMK) today announced that on December 11, the Board of Directors of Bank of McKenney declared a dividend of $0.27 per share on Bank of McKenney common stock for shareholders of record at the close of normal trading on December 28, 2007 and payable on January 11, 2008. The $0.27 per share dividend represents a 8% increase over the dividend of $0.25 paid in January of 2007.
Richard M. Liles, President & Chief Executive Officer, stated, "We are on track to achieve budgeted core growth targets and earnings. The housing correction has had minimal effects to date on the market areas throughout which we serve, and the Bank has held to policies and credit standards which prohibit or substantially limit the origination of, participation with, or investment in sub-prime or other high risk loans or derivative investments derived from them. It is a century of experience that forms the basis for these prudent practices that result in steady and stable results."
Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with six branches serving Southeastern Virginia and assets totaling $160 million.