EUREKA, Calif., May 4, 2012 (GLOBE NEWSWIRE) -- REDWOOD CAPITAL BANCORP (OTCBB:RWCB), the only locally owned and operated community bank holding company in Humboldt County, declared its first cash dividend. This dividend of $0.05 per common share will be payable on June 1, 2012 to shareholders of record as of May 15, 2012.
Dr. John E. Burke, Chairman of the Board of Directors of Redwood Capital Bancorp, shared, "Dividends are an important part of our commitment to deliver value to our shareholders and a reflection of our continued earnings and capital strength. We are very pleased to offer our first cash dividend to our loyal common stock shareholders. It is a way to reward and thank our shareholders for their long-term support and to acknowledge Redwood Capital Bank's strong performance."
John E. Dalby, President and CEO, stated, "This will mark the first cash dividend paid by Redwood Capital Bancorp. We believe the proposed dividend payment further enhances the value of our stock for our shareholders. This combined with our consistent record of strong earnings and annual profitability has enabled Redwood Capital Bancorp to make the dividend payment to our shareholders." Dalby added, "The Board of Directors has developed a capital plan that has as its goal the enhancement of long term shareholder value and overall capital management. The Board of Directors will regularly evaluate the use of cash dividends as a means of enhancing shareholder value. We believe this initial cash dividend recognizes our commitment to our shareholders and our confidence in the outlook for Redwood Capital Bancorp for 2012."
Redwood Capital Bancorp's 2012 Annual Meeting of Shareholders will be held Wednesday, May 16, 2012, 6:00 p.m. at the Wharfinger Building, 1 Marina Way in Eureka. Redwood Capital Bank is the only local community bank based in Humboldt County with two full-service branches. The eleven member Board of Directors includes: John E. Burke, Chairman, John J. Gierek, Jr., Vice Chairman, Russell N. Britt, John E. Dalby, Larry A. DeBeni, J. William McAuley, W. Timothy Needham, Craig L. Perrone, James R. Seiler, John R. Selvage and Steven M. Strombeck.
For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Fred Moore, CFO, at (707) 444-9840, or stop by our headquarters and main office at 402 "G" Street, Eureka, California 95501.
The Redwood Capital Bancorp logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11463
This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.