The stockholders of a local bank will once again see their dividend payment grow this year after the recent action of the bank's board of directors.
United National Bank Executive Vice President and CFO Jane P. Trulock reported this week that the UNB board of directors auhorized the payment of a dividend of $1.90 per share, up from the 2021 dividend of $1.70 last year.
As of May 13, 2022, shareholders of record will be paid the dividend on June 1, 2022, which means $1,529,199.80 in profits from the bank's operations in 2021 will filter through the Grady County economy in the coming weeks.
"It is my great pleasure to report that our directors have approved an increase in dividends this year and that our shareholders will be rewarded for their investment and loyalty to the bank. This is the largest dividend payment we have made in our 22-year history; said Trulock.
Of those 22 years, the bank has been able to pay a dividend to shareholders for 19 consecutive years. The bank has paid more than $13,917,815 in dividends to its shareholders since the bank was organized in May 2000.
Bank officials continue to express confidence in the future fiscal performance of the bank as the United States and the world move into the post-COVID economy.
"This bank remains strong and secure because of the support of our depositors and loan customers as well as our dedicated, professional management and staff," said U.N.B. Chairman of the Board Charles M. Stafford.
When the bank opened on May 26, 2000, it had assets of $5 million, and as of the close of business on Dec. 31, 2021, the bank's total assets had reached $290,841,000.
"Since the day the bank opened, we have told our shareholders and customers the best thing they can do to make the bank a success is to recommend UNB to their family, friends, and associates. We continue to offer that advice, and it is paying off. The bank continues to outperform our projections, and because of the continued support of our shareholders and the community, 2021 was an outstanding year," Trulock said.
The bank is not only investing in the community but also in technology.
UNB Vice President and Chief Technology Officer Linda Drew Johnson said, we pride ourselves on reinvesting the dollars our customers deposit with us right back into the local economy, local organizations, and community projects. Over the last 22 years, we have also invested in the newest, cutting-edge technology to ensure we offer our customers the finest in financial services."
The bank will host its annual shareholder's meeting at the bank on Thursday, June 23, 2022.