On January 16, 2018, Commencement Bank (OTCQX:CBWA) announced that its board of directors unanimously approved a one-time, 10-percent stock dividend on the company’s common stock outstanding, payable on February 15, 2018, to shareholders of record at the close of business on January 30, 2018. The dividend will be issued in the form of additional shares of common stock. Cash will be paid in lieu of fractional shares based on the closing price of the stock as of the record date.
This is the second dividend the Bank has declared for its shareholders; however, it is the first stock dividend issued.
“We are very pleased with the Bank’s 2017 performance and would like to recognize our shareholders for their ongoing support and loyalty,” said John Manolides, President, and Chief Operating Officer.