SOURCE: Pamrapo Bancorp, Inc.

November 26, 2008 12:53 ET

Pamrapo Announces Fourth Quarter Dividend

BAYONNE, NJ--(Marketwire - November 26, 2008) - Pamrapo Bancorp, Inc. (NASDAQ: PBCI) announced that its board of directors approved the following dividend for the fourth quarter of 2008: A cash dividend of $0.15 per share of its common stock, which represents a reduction from the third quarter level of $0.23 per share. The dividend is payable on December 26, 2008 to shareholders of record on December 12, 2008.

"The reduction of our common dividend will help further strengthen Pamrapo's already strong capital position in weathering what is forecasted to become an unprecedented time for the U.S. and global economy. Pamrapo has never offered any subprime loans and our asset quality and capital position remains strong. Our board believes this decision is prudent and proactive in the current economic environment," said President and Chief Executive Officer William J. Campbell.

Pamrapo is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates eleven branch offices in Bayonne, Fort Lee, Hoboken, Jersey City and Monroe, New Jersey.

Forward-Looking Statements

This press release may include certain forward-looking statements based on current management expectations. The actual results of Pamrapo Bancorp, Inc. (the "Company") could differ materially from those management expectations. Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of loan and investment portfolios of Pamrapo Savings Bank, S.L.A., the Company's wholly-owned subsidiary, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information

  • Contact:

    William J. Campbell