UNB shareholders recap record dividend

The streak of increased dividend payments to stockholders of United National Bank continues, with the bank planning to pay stockholders later this month its largest dividend in the bank's 23-year history.
As of May 8, 2023, shareholders of record will be paid a dividend of $2.25 per share on May 25, 2023, according to UNB President and CEO Michael L. Chastain.
This means in the coming weeks, $1,810,894.50 in UNB profits will filter through the Grady County economy.
"We are very pleased that our bank's solid financial performance allows us to pay dividends. At this time, with the news of regional bank failures elsewhere in the country, the strength, stability, safety, and security in a local bank mean a great deal to people like our customers and shareholders," Chastain said.
This year's dividend payment of $2.25 increases over the $1.90 paid in 2022, $1.70 paid in 2021, and $1.45 paid in 2020.
"Over the last 23 years, the support of this community, our shareholders, and our customers have made our bank extremely successful. We are very pleased to share the bank's earnings with those who helped make it a reality. One of the most important benefits of a locally owned bank is that the earnings remain in the community," Chastain added.
The UNB president and CEO noted that more than $15,728,729.73 in dividends has been paid to shareholders since the bank was organized in May 2000.
"Those individuals who invested $10 in stock in 2000 have doubled their initial investment, 201.25 percent," Chastain said.
"Increasing the cash dividend reflects the board of directors' confidence in the bank's continued performance," said UNB Board Chairman Charles M. Stafford.
"We are indeed a hometown bank that focuses on improving the quality of life for all citizens of Grady County. I want to thank our board of directors for their continued leadership and to acknowledge the 32 dedicated employees of the bank. Their dedication and compassion to provide superior customer service has been unmatched since our doors opened," Chairman Stafford added.
In addition to paying dividends annually to stockholders for 20 consecutive years, United National Bank continues to be a major contributor to local schools, Grady General Hospital, and various clubs and civic organizations.
When the bank's books were closed on Dec. 31 last year, United National Bank recorded total assets of $306,392,800.56. The bank opened its doors on May 26, 2000, with just $5 million in total assets.
UNB shareholders will gather next month to celebrate the bank's continued success and hear the outlook for 2023 and beyond from the bank's officers and auditors. The bank's annual meeting is scheduled at the bank's headquarters at 722 N. Broad St. on Thursday, June 22, beginning at 5 p.m.