CHICO, Calif.--(BUSINESS WIRE)--The Board of Directors of Golden Valley Bank (OTCBB: GVYB), headquartered in Chico, California has declared a special cash dividend of $0.10 per common share for stockholders of record as of December 8, 2012. The payment date will be approximately December 18, 2012.
“Our repurchase plan has increased each shareholder’s percentage of ownership of the Bank and this special dividend puts cash in their pockets from the profits of the company.”
Earlier this year the Bank announced a Stock Repurchase Plan. To date 45,822 shares have been repurchased, about 2.2% of the Bank’s outstanding shares.
“2012 has been an excellent year for Golden Valley Bank and our shareholders,” commented President and CEO Mark Francis. “Our repurchase plan has increased each shareholder’s percentage of ownership of the Bank and this special dividend puts cash in their pockets from the profits of the company.” The December payment of the dividend will come before potential tax increases that could occur in 2013.
Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has a full service office in Chico, California and a Loan Production Office in Redding, California. For more information regarding the bank please call at (530) 894-1000 or visit www.goldenvalleybank.com.
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results are pre-fiscal year-end audit and may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors.