Access National Declares Special Dividend
December 19 2014 - 5:03PM
Business Wire
Access National Corporation (NASDAQ: ANCX) (the
“Company”), parent company for Access National Bank, declared a
cash dividend of $0.35 per share for holders of record as of
December 30, 2014 and payable on January 16, 2015. This dividend
will not be eligible for automatic reinvestment under the Company’s
Dividend Reinvestment and Stock Purchase Plan.
According to CEO Michael Clarke, “The non-routine dividend
returns capital to shareholders while ensuring adequate capital for
continued growth. This is the third consecutive year in which we
have declared a special dividend because our capital ratio exceeds
base line targets due to a healthy earnings retention rate and in
spite of continued increases in routine quarterly dividends.” He
continued, “This dividend is particularly special as it comes in
the month of our 15th anniversary in business. We are extremely
grateful to our original and current shareholders, directors and
work associates and hope they join us in the satisfaction we take
with these measurable milestones of achievement.”
As a reminder of the capital management strategy, the
Corporation’s ratio of total equity to total assets was 9.8% at
September 30, 2014, within the Corporation’s target range of 8.00%
to 10.50%. On October 17, 2014, the Corporation declared a $0.14
per share dividend consistent with management’s stated payout ratio
of 40%-50% against core earnings. Special dividends are considered
based upon management’s assessment of its ability to maintain the
capital ratio within the stated range while executing on growth
plans and maintaining the routine quarterly dividend.
Access National Corporation is the parent company of Access
National Bank, an independent, nationally chartered bank serving
the business community of the greater Washington DC Metropolitan
area. Additional information is available on our website at
www.AccessNationalBank.com. Shares of Access National Corporation
are traded on the NASDAQ Global Market under the symbol "ANCX".
This press release contains “forward-looking statements” within
the meaning of the federal securities laws. These statements may be
identified as “may”, “could”, “expect”, “believe”, anticipate”,
“intend”, “plan” or variations thereof. These forward-looking
statements may contain information related to those matters such as
the Company’s intent, belief, or expectation with respect to
matters such as financial performance. Such statements are
necessarily based on assumptions and estimates and are inherently
subject to a variety of risks and uncertainties concerning the
Company’s operations and business environment, which are difficult
to predict and beyond control of the company. Such risks and
uncertainties could cause the actual results of the Company to
differ materially from those matters expressed or implied in such
forward-looking statements. For an explanation of certain risks and
uncertainties associated with forward-looking statements, please
refer to the Company’s Annual Report on Form 10-K and other SEC
filings.
Access National CorporationMichael Clarke, 703-871-2100
Access National Corp. (NASDAQ:ANCX)
Historical Stock Chart
From Apr 2024 to May 2024
Access National Corp. (NASDAQ:ANCX)
Historical Stock Chart
From May 2023 to May 2024