City Bank Suspends Cash Dividend
February 13 2009 - 5:10PM
Business Wire
At the February 11, 2009 Board Meeting, the Board of Directors
of City Bank (NASDAQ:CTBK) voted to suspend the payment of
quarterly cash dividends on the Bank�s common stock effective
immediately. The Board took into account various factors, and
determined the action to suspend the payment of cash dividends will
contribute toward the Bank maintaining strong capital and cash
reserves as it works its way through the current economic
downturn.
The Board recognizes the significant impact this will have on
our shareholders. Unfortunately, the economic cycle we are
experiencing is creating tremendous challenges for all financial
institutions including City Bank. Therefore, the Board believes
this is prudent and ultimately in the best long term interest of
shareholders to preserve the Bank�s strong level of capital. The
Board and management are committed to effectively manage credit
risk and preserve adequate levels of capital and liquidity in the
current economic environment.
City Bank is a state-chartered commercial bank founded in
1974 and headquartered in Lynnwood, Washington. Eight banking
offices and three mortgage loan production offices serve Snohomish,
North King, Pierce and Clark counties. City Bank provides a
wide range of banking services for business and individuals,
including loans for residential construction, land development,
mortgage, commercial, Small Business Administration, consumer, and
all types of deposits as well as other general banking services.
City Bank has been consistently recognized as one of the top
performing banks in Washington State as well as nationally.
www.citybankwa.com
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