CalFirst Bancorp Announces 2012 Annual Dividend to Stockholders of $2.20 Per
IRVINE, Calif. -- November 09, 2012
California First National Bancorp (NASDAQ: CFNB) today announced that its
Board of Directors has declared an annual dividend in the amount of two
dollars and twenty cents ($2.20) per share. The dividend will be payable on
December 14, 2012 to all stockholders of record at the close of business on
November 30, 2012.
Since October 2009, the Board of Directors has pursued a dividend policy that
provided for one annual dividend payment. Based on a review of the Company’s
growth plans and capital resources, and in light of current and pending
changes in the tax laws, the Board believes it is in the best interest of its
stockholders to distribute a greater share of retained earnings at this time,
while at the same time remaining fully capable of funding our growth
initiatives. At September 30, 2012, CFNB had a total net worth of $198.8
million, of which $194.2 million represented retained earnings, and a total
risk-based capital ratio of 41%.
The Board will continue to review the Company’s dividend policy on an ongoing
basis, and the decision to pay dividends in future periods will depend on a
variety of factors including the business, economic and tax environment.
California First National Bancorp is a bank holding company with leasing and
bank operations based in Orange County, California. California First National
Bank is an FDIC-insured national bank that gathers deposits from a centralized
location by posting rates on the Internet, and provides lease financing and
commercial loans to businesses and organizations nationwide.
California First National Bancorp
S. Leslie Jewett
Press spacebar to pause and continue. Press esc to stop.