Aquesta Bank announced Tuesday that it would award its first cash dividend to investors, and said it hopes to continue to do so each year.
The Cornelius-based bank will pay 10 cents per share to stockholders as of Nov. 29. The dividend will be payable Dec. 13. Aquesta said it hopes to pay dividends annually, but would not commit to a particular amount.
Aquesta Bank issued its first stock dividend in April, giving 20 percent more shares to existing investors. The bank's shares began trading over the counter last year.
The bank earned $409,000 in the third quarter, or 16 cents per share. That was up 30 percent from the year before.
“We are very pleased that Aquesta Bank’s operating results have improved to such an extent that our board of directors has chosen to declare a cash dividend," CEO Jim Engel said in a statement. "It is clear that our Board recognizes the importance of rewarding our shareholders for their patience and support during the economic downturn."
Aquesta Bank primarily focuses on businesses in the Lake Norman area.
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