JASPER, IN /ACCESSWIRE/February 22, 2022/ SVB&T Company (OTCQX: SVBT, Financial), parent company of Springs Valley Bank & Trust Company, today announced that its Board of Directors has declared a two-for-one stock split in the form of a stock dividend, payable on or on or about March 10, 2022 to shareholders of record as of March 1, 2022. Pursuant to the stock split, shareholders of the Company will receive a dividend of one common share for each common share held on the record date. The stock split does not alter the proportionate interest that a shareholder retains in the Company. Following the stock split, the number of outstanding common shares of the Company will decrease from 550,072 shares to approximately 1.1 million shares. The dividend will be paid in authorized but unissued shares of the ordinary shares of the Company.
Jamie Shinabarger, President and Chief Executive Officer, said, “We are pleased to report that the Board of Directors has determined that this stock split, in the form of a stock dividend, is in the best interest of our shareholders, and it reflects our continued confidence in the long-term growth and financial performance of SVB&T Corporation. We anticipate that the lower trading price per share following the stock split will generate renewed investor interest and continue to improve the liquidity of our shares in the market. We believe the stock split is another solid business strategy that reflects our strong commitment to building long-term profitability and increasing shareholder value. »
The Board of Directors also declared a quarterly cash dividend of $0.16 per post-split ($0.32 pre-split) share of the Company’s common stock. The quarterly cash dividend is payable on or about April 15, 2022 to shareholders of record at the close of business on March 18, 2022. The dividend declared is an 18.52% annualized increase over the total dividend declared for fiscal year 2021. .
For more information, contact: Ryan Heim, Treasurer and Chief Financial Officer, SVB&T Corporation, at 812.634.4889 or [email protected].
SVB&T Corporation is headquartered at 8482 West State Road 56, French Lick, Indiana 47432 with administrative offices at 1500 Main Street, Jasper, Indiana 47546. Its subsidiary, Springs Valley Bank & Trust Company, has offices in Dubois, Daviess, Gibson and Orange Counties, offering full-service banking and financial services. Springs Valley offers products and services for all types of families and businesses, including checking and savings accounts, certificates of deposit, electronic services, online consumer and mortgage applications and a variety of other loan options. Springs Valley Bank is a member of the FDIC and is a housing equality lender.
Additionally, the company has a full-service financial advisory group managed by experienced and talented professionals specializing in estate planning, tax planning and wealth management. Investment services are also offered by a Springs Valley licensed professional representative. Trust and investment products are not deposits; not FDIC insured; not a deposit or other obligation of, or guaranteed by, the depository institution; not insured by a federal government agency; and may lose value – subject to investment risks, including possible loss of principal amount invested.
Further information is available online at www.svbt.bank. The Company’s shares are traded on the OTCQX trading platform under the ticker symbol SVBT (www.otcmarkets.com).
The information in this press release regarding the expected future performance of SVB&T Corporation and its subsidiaries is forward-looking and therefore involves risks and uncertainties that could cause actual results or developments to differ materially from those indicated in such statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in general and local banking activities, as well as mortgage terms, competitive factors specific to the markets in which the company and its subsidiaries operate, future levels of interest rates, changes in real estate markets, legislative and regulatory decisions, capital market conditions and/or other factors.
THE SOURCE: SVB&T Corporation
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