FOR IMMEDIATE RELEASE
CONTACT: Doyle M. Thigpen, Chief Financial Officer (252) 317-2804
DATE: May 6, 2016
the little bank Announces Cash Dividend of $0.0850 Per Share and Continuation of Common Stock Repurchase
Kinston, NC – (Business Wire) – May 6, 2016 – the little bank (OTCQX: LTLB) announced that its Board of Directors, on April 28, 2016, approved a semi-annual cash dividend of $0.0850 per share on the Bank’s common stock. The dividend is payable on June 30, 2016 to shareholders of record at the close of business on June 10, 2016. Total shares of common stock issued and outstanding as of April 30, 2016 were 3,188,965.
The little bank also announced today that it has received regulatory approval to continue its common stock repurchase plan for an additional twelve months beginning June 1, 2016. The Company will make purchases in the open market and as such the program is available to shareholders on an equitable basis. Actual repurchases will be subject to the availability of stock, general market conditions, the trading price of stock, alternative uses for capital and the Company’s financial performance.
Rob Jones, President and Chief Executive Officer, stated, “The Board of Directors is pleased to continue the payment of semi-annual cash dividends to shareholders. Management and the Board of Directors will continue to evaluate potential stock repurchases and execute on transactions that are believed to be beneficial to shareholders. The semi-annual cash dividend and stock repurchase program are a direct reflection of the strength of the Bank’s performance, balance sheet and capital position.”
The little bank is headquartered in Kinston, North Carolina and currently serves the Lenoir, Wayne, Onslow, Pitt, Craven and New Hanover county markets. The Bank prides itself on the special care with which it serves its customers. The Bank’s website is www.unionbanknc.com. The little bank stock can be found on the OTCQX trading under the symbol LTLB.