SAN DIEGO, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Seacoast Commerce Banc Holdings (OTC Pink: SCBH) (“Company”), the parent company of Seacoast Commerce Bank (“Bank”), announced today that its Board of Directors has declared a quarterly cash dividend of $0.09 per common share, representing a 12.5% increase over its previously announced quarterly dividend. The cash dividend is payable on September 14, 2018, to shareholders of record as of the close of business on August 30, 2018.
Richard M. Sanborn, President & Chief Executive Officer, commented, “We added significant scale to our operations with the completion of the Capital Bank acquisition in October 2017. We are excited to announce that the financial benefits of the acquisition, coupled with the benefits of recently enacted tax reform, is allowing us to share a greater portion of those benefits with our valued shareholders in the form of an increase in our quarterly dividend.”
About Seacoast Commerce Banc Holdings: Seacoast Commerce Banc Holdings is a bank holding company with one wholly-owned banking subsidiary, Seacoast Commerce Bank, which also operates as Capital Bank, a division of Seacoast Commerce Bank. Both the holding company and the bank are headquartered in San Diego, California, with the Bank having four full-service banking branches in San Diego and Orange County, California, and loan and deposit production offices throughout Arizona, California, Colorado, Illinois, Oregon, Massachusetts, Minnesota, Missouri, Nevada, Texas, Utah and Washington. For more information on Seacoast Commerce Banc Holdings or Seacoast Commerce Bank, please visit www.scbholdings.com or www.sccombank.com, or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001, or rsanborn@scbholdings.com.
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance, and regulatory matters. The Company and Bank are not under any obligation – and expressly disclaims any such obligation – to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.