LAKE HAVASU CITY, Ariz., Jan. 2, 2008 (PRIME NEWSWIRE) -- State Bank Corp (OTCBB:SBAZ), parent company of Mohave State Bank, declared a cash dividend. The Board of Directors of State Bank Corp., at their regular meeting on December 20, 2007, declared the payment of a quarterly cash dividend of $0.10 per share supplemented with a $0.06 per share bonus, year-end cash dividend, for a total of $0.16 per share to shareholders of record at the close of business on December 31, 2007. The dividend will be paid on February 15, 2008. Cash dividends declared in 2007 total $0.46 per share, representing just over 30% of the net earnings of State Bank Corp.
"We consider ourselves very fortunate to have performed as well as we did in this difficult economic and industry environment. We have made investments to grow our team, our distribution, and our products to better serve our communities. Given the state of our industry, we are extremely pleased with our stock trading volumes and the stability of our stock price," states Ralph Tapscott, President and CEO. State Bank Corp. reports an annual trading volume, excluding the company announced stock repurchases, of almost 214,000 shares, representing a 17% increase over the 2006 trading volume.
The Bank expects to release year-end earnings and performance, the 2007 Annual Report, the proxy and notification of its Annual Meeting of Shareholders on or before February 15, 2008.
Mohave State Bank is a full service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. Mohave State Bank was established in October, 1991, in Lake Havasu City. Since then the Bank has opened branches in the Mohave County communities of Kingman and Bullhead City, and in Yuma, Arizona.
This press release may include forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.