SANTA BARBARA, Calif., October 27, 2022--(BUSINESS WIRE)--American Riviera Bancorp ("Company") (OTCQX: ARBV), holding company of American Riviera Bank ("Bank"), today announced that the Board of Directors declared a 10% stock dividend payable on November 24, 2022 to shareholders of record as of the close of business on November 10, 2022. Cash will be paid in lieu of fractional shares based on the closing price on the record date.
Chairman Lawrence Koppelman stated, "We are pleased to provide our shareholders with a 10% stock dividend which will increase shares outstanding available to trade. The Board of Directors intends to promote stock liquidity while increasing shareholder value through exceptional financial performance."
The Company reported record financial performance for the nine months ended September 30, 2022. Net income for the first nine months of 2022 was $9.5 million, representing a 5% increase from the $9.1 million reported for the same period in 2021.
American Riviera Bancorp (OTCQX: ARBV) is a registered bank holding company headquartered in Santa Barbara, California. American Riviera Bank, the 100% owned subsidiary of American Riviera Bancorp, is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located in Santa Barbara, Montecito, Goleta, San Luis Obispo and Paso Robles. The Bank provides commercial business, commercial real estate, residential mortgage, construction and Small Business Administration lending services as well as convenient online and mobile technology. For twelve consecutive years, the Bank has been recognized for strong financial performance by the Findley Reports, and has received the highest "Super Premier" rating from Findley every year since 2016. The Bank was rated "Outstanding" by the Federal Deposit Insurance Corporation in 2020 for its performance under the Community Reinvestment Act.
Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.
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American Riviera Bank