|By PR Newswire||
|December 12, 2012 01:25 PM EST|
MCKENNEY, Va., Dec. 12, 2012 /PRNewswire/ -- Bank of McKenney (OTC BB: BOMK) today announced that the Board of Directors of Bank of McKenney declared a dividend of $0.27 per share on Bank of McKenney common and preferred classes of stock for shareholders of record at the close of normal trading on December 24, 2012 and payable on December 31, 2012. The $0.27 per share dividend matches that paid in January of 2012.
Richard M. Liles, President & Chief Executive Officer, stated, "Earnings over the current year have been negatively affected by our efforts to reduce non-performing assets. During 2012, we eliminated the majority of the remaining problematic debt from the balance sheet causing continued abnormally high provisions to our loan reserves. Nevertheless, core growth has progressed at a pace commensurate with current capital levels. Therefore, the Board determined that maintaining the dividend at twenty-seven cents was the best course of action and continues to demonstrate the strength of the company."
Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with seven branches serving Southeastern Virginia and assets totaling $212 million.
SOURCE Bank of McKenney
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