SAN JOSE, CA--(Marketwired - Aug 27, 2013) - Focus Business Bank (OTCQB: FCSB) announced today that its Board of Directors has declared a 5% stock dividend. The dividend recognizes the Bank's 13 consecutive quarters of profitability, strong growth and excellent asset quality. At June 30, 2013, loans and deposits were at all-time high levels, there were no non-performing assets and net income for the first two quarters of 2013 was $313,000. Five shares of common stock will be issued as a dividend for every 100 shares of common stock owned by shareholders of record on September 12, 2013 and will be distributed on September 27, 2013. Cash will be paid in lieu of fractional shares, if any, based on the fair market value of the shares on the record date.
President and Chief Executive Officer Richard L. Conniff commented on the stock dividend, "The Board of Directors declared this stock dividend to reward the support and loyalty of our shareholders. The Bank opened in 2007 and emerged from the recession of 2008 with a strong and growing franchise. As the Bank continues to grow and prosper, we recognize that it was the vision and commitment of our shareholders that created Focus Business Bank."
About Focus Business Bank
Focus Business Bank is dedicated to meeting the banking needs of closely-held businesses and professionals in Santa Clara County. The Bank's office is located at 10 Almaden Boulevard in downtown San Jose, California and offers a variety of commercial banking products including loans, deposits, remote deposit capture and other cash management services oriented toward closely-held businesses and their owners. The Bank specializes in commercial loans and is also an SBA Preferred Lender. The Bank also serves not-for-profit businesses and condominium homeowner associations by offering expertise, market knowledge and specialized products and services to these customers.
This release may contain forward-looking statements, such as, among others, statements about plans, asset quality, expectations and goals concerning growth and performance. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.