Suffolk Bancorp, parent company of Suffolk County National Bank has declared a quarterly dividend of 10 cents per share on its common stock.
The bank’s board of directors declared the dividend Wednesday, the company announced in a press release yesterday.
The dividend will be payable on August 26, to shareholders of record as of August 12, 2015. The cash dividend represents a 67 percent increase from the dividend paid in each of the last four quarters, the bank said.
“Based on the July 28, 2015 closing price of $29.20 per share, the annualized dividend yield on the Company’s common stock would be 1.37 percent,” according to the release.
“We are very pleased to be able to reward our loyal stockholders with a meaningful dividend increase,” Suffolk Bancorp president and CEO Howard C. Bluver said. “Since reinstituting a cash dividend one year ago, our expansion strategies and focus on high quality execution have resulted in strong financial performance across the board. We remain confident about the future and believe we can thrive in the years to come.”
