ALAMOGORDO, N.M., Aug. 26, 2020 /PRNewswire/ -- Bancorp 34, Inc.
("Bancorp 34") (NASDAQ: BCTF), the holding company for Bank 34,
announced that its Board of Directors approved a quarterly cash
dividend of $0.05 per share of common
stock, payable on September 25, 2020
to shareholders of record as of the close of business on
September 11, 2020.
This will be Bancorp 34's seventh dividend since completing its
mutual-to-stock conversion and related stock offering in
October 2016. A special dividend of
$1.25 per share was paid on
May 9, 2018, and quarterly dividends
of $0.05 per share have been paid
since June 2019. Future declarations
of dividends are subject to the determination and discretion of
Bancorp 34's Board of Directors.
James T. Crotty, Co-President and
Chief Executive Officer of Bancorp 34, stated "The quarterly
dividend program demonstrates confidence in our long-term financial
prospects and our commitment to enhance shareholder value, while
retaining enough operating earnings to invest in our business,
maintain our strong capital position and continue to support our
local communities as they weather the ill effects of the COVID-19
pandemic and the economic recession."
Forward-Looking Statements
Certain statements herein
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by words such as "believes," "will," "expects,"
"project," "may," "could," "developments," "strategic,"
"launching," "opportunities," "anticipates," "estimates,"
"intends," "plans," "targets" and similar expressions. These
statements are based upon the current beliefs and expectations of
Bancorp 34's management and are subject to significant risks and
uncertainties. Actual results may differ materially from those set
forth in the forward-looking statements as a result of numerous
factors. Factors that could cause such differences to exist
include, but are not limited to, general economic conditions,
changes in interest rates, regulatory considerations, competition
and the other risks described in the Company's Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission. Should one or more of these
risks materialize or should underlying beliefs or assumptions prove
incorrect, Bancorp 34's actual results could differ materially from
those discussed. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this release. Forward-looking statements speak only as of
the date they are made, and we assume no obligation to update any
of these statements in light of new information, future events or
otherwise unless required under federal securities laws.
Contact: Jan R. Thiry
EVP/Chief Financial Officer
623.777.0570
j.thiry@bank34.com
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SOURCE Bancorp 34, Inc.