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OCB BANCORP DECLARES 5% STOCK DIVIDEND
Ojai, California, May 8, 2014 – OCB Bancorp (OTC Bulletin Board: OJCB)
OCB Bancorp, parent company of Ojai Community Bank, announced today that it has declared a 5% stock dividend on the Company’s common shares outstanding. This represents the first dividend issued for the eight-year-old bank and further evidence of the financial strength achieved during this post-recession period.
The Board of Directors, in support of the Company’s stable financial performance, approved the Stock Dividend. Dividend shares will be distributed June 16, 2014 to owners of record as of May 9, 2014. The dividend will be issued in the form of additional shares of stock. Any fractional shares will be paid in cash based on the fair market value of the stock on the record date.
In March 2014, the Bank celebrated a milestone by reaching $100 million in outstanding loans. President/CEO David Brubaker stated, “This milestone provides a solid base of good earning assets that will enhance income as we move forward. We are well-capitalized, have excellent credit quality and believe we are well-positioned for the future.”
Ojai Community Bank has grown consistently over its eight-year history helping both depositors and borrowers navigate the vast array of challenges through difficult economic times. Brubaker added, “Our business model is to create individual community banks that provide local decision-making, with local knowledge and local staffing which will serve our customers and shareholders alike. I am very pleased that we are able to reward our shareholders for their commitment to OCB Bancorp.”
About OCB Bancorp
OCB Bancorp, a locally owned and operated holding company, was formed in September 2013 as the parent company of Ojai Community Bank, founded in March 2005. Ojai Community Bank offers a full array of banking products and services to businesses, professionals, individuals and commercial property owners. The Bank is dedicated to providing exceptional personal service and access to banking decision makers. Ojai Community Bank operates in Ojai and has divisions in Ventura and Santa Paula under the names Ventura Community Bank and Santa Paula Community Bank. The stock is publically available under the symbol OJCB.
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