Exchange National Bancshares Enhances Dividend Payment Schedule
19 11월 2005 - 8:01AM
Business Wire
Exchange National Bancshares of Jefferson City, Mo. (Nasdaq:EXJF)
announced today that its Board of Directors approved changes in the
timing and amounts of its dividend payments effective January 1,
2006. In making the announcement, Board Chairman and CEO James E.
Smith stated: "In addition to regular quarterly dividends, we have
voted for the past 19 years to pay a special, discretionary
dividend in December. Beginning January 1, 2006, the equivalent of
the special dividend, currently 9 cents per share, will be paid to
our shareholders sooner by adding 3 cents per share to our regular
quarterly dividend. The Board also voted to pay an additional 3
cents per share annually, enabling us to pay shareholders 21 cents
per share each quarter versus the current 18 cents per share."
These changes apply beginning with the quarterly cash dividend
payable January 1, 2006, to shareholders of record at the close of
business December 15, 2005. The announcement does not affect
payment of the company's previously announced December 1, 2005,
special dividend. Explaining the reasons for the changes, Smith
said: "The special dividend is not considered a regular dividend
payment because it could be stopped at any time. Incorporating it
into regular quarterly dividends not only ensures its payment to
shareholders, but benefits shareholders in other important ways.
"Shareholders will receive their dividends earlier, throughout the
year, instead of having to wait until December. In addition, the
change will produce a more accurate calculation of our dividend
yield, which is an important measure used by analysts in
determining the attractiveness of our shares as an investment.
Because analysts generally do not include special dividend payments
in calculating dividend yields, we were not receiving the benefit
of our full annual dividend payments. "We will also reduce our
dividend payment processing costs 20% by reducing the frequency of
payments from five times per year to four." Exchange National
Bancshares, Inc., a multi-bank holding company headquartered in
Jefferson City, Missouri, is the parent company of The Exchange
National Bank of Jefferson City with locations in California,
Tipton and St. Robert; Citizens Union State Bank & Trust of
Clinton with locations in Springfield, Lee's Summit, Branson,
Windsor, Collins and Osceola; Bank 10 with locations in Belton,
Drexel, Harrisonville, Independence and Raymore; and Osage Valley
Bank of Warsaw. Statements made in this press release that suggest
Exchange National Bancshares' or management's intentions, hopes,
beliefs, expectations, or predictions of the future include
"forward-looking statements" within the meaning of Section 21E of
the Securities and Exchange Act of 1934, as amended. It is
important to note that actual results could differ materially from
those projected in such forward-looking statements. Additional
information concerning factors that could cause actual results to
differ materially from those projected in such forward-looking
statements is contained from time to time in the company's
quarterly and annual reports filed with the Securities and Exchange
Commission.
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