LAKE HAVASU CITY, Ariz., March 5, 2015 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ) ("Company"), the holding company for Mohave State Bank ("Bank"), today announced a $0.07 per share annual cash dividend. The dividend was declared by the Board of Directors on March 5, 2015, to shareholders of record on March 20, 2015, and is payable on or about April 10, 2015. The dividend represents a payout ratio of approximately 20 percent of 2014 core earnings.
"This is our first cash dividend since 2008 and a reflection of the progress that both State Bank Corp. and Mohave State Bank continue to make. We appreciate the patience of our shareholders during the last few years," commented Brian M. Riley, President & Chief Executive Officer.
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. The Bank has six full-service branches: two in Lake Havasu City, two in Kingman, one in Bullhead City, and one in Yuma, Arizona. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.mohavestbank.com.