SPARTANBURG, S.C., Jan. 12, 2016 (GLOBE NEWSWIRE) -- Carolina Alliance Bank (OTCQX:CRLN) today announced that its Board of Directors has declared a 5% stock dividend. The stock dividend will be payable February 10, 2016 to shareholders of record as of January 26, 2016. Holders of Carolina Alliance common stock as of the record date will receive one additional share for every twenty shares held on the record date. Cash will be issued in lieu of fractional shares.
“We are pleased to announce a 5% stock dividend for our shareholders. The Board of Directors believes that our shareholders will benefit from this stock dividend and the expected related enhancement of our stock’s liquidity,” said Terry Cash, Chairman of the Board of Directors of Carolina Alliance.
As a result of the stock dividend, the total number of shares of common stock outstanding will increase from approximately 6.2 million to approximately 6.5 million. The additional shares of common stock are expected to be distributed on or about February 10, 2016 by the bank’s transfer agent, Computershare.
“We are very excited with the bank’s growth and performance and optimistic about our future. We’re also very pleased to reward our loyal shareholders for their ongoing support,” John S. Poole, Chief Executive Officer, added.
For additional information about Carolina Alliance, please call (864) 208-BANK (2265) or visit www.carolinaalliancebank.com.
Note:
Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as the expected cost savings and any revenue synergies from the merger of Carolina Alliance and Pinnacle Bank of South Carolina may not be fully realized within the expected timeframes; an economic downturn nationally or in the local markets we serve; competitive pressures among depository and other financial institutions; the rate of delinquencies and amounts of charge-offs; the level of allowance for loan loss; the rates of loan growth or adverse changes in asset quality in the bank’s loan portfolio; and changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements concerning the bank or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.