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NorthEast Community Bancorp, Inc. Announces Initial Quarterly Cash Dividend

·3-min read

WHITE PLAINS, New York, July 22, 2021 (GLOBE NEWSWIRE) -- NorthEast Community Bancorp, Inc. (the “Company”) (NasdaqCM: NECB) announced today that its Board of Directors has declared a quarterly cash dividend of $0.06 per common share. The dividend will be paid on or about August 16, 2021 to shareholders of record as of the close of business on August 2, 2021.

This is the first cash dividend for the Company since the completion of NorthEast Community Bank’s conversion from the mutual holding company form of organization to the stock holding company form of organization.

“We are pleased to pay our first dividend to shareholders since the completion of our second step conversion,” said Kenneth A. Martinek, Chairman and Chief Executive Officer of the Company. “The payment of dividends represents one part of our long-term commitment to enhancing shareholder value and we intend to continue paying a quarterly dividend in the future, so long as our financial position continues to allow such payment.”

About NorthEast Community Bancorp, Inc.

The Company is the holding company for NorthEast Community Bank. NorthEast Community Bank is a New York State chartered savings bank that operates six full-service branches in New York and three full-service branches Massachusetts and loan production offices in White Plains and New City, New York.

Cautionary Note About Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions, the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACT:

Kenneth A. Martinek

Chairman and Chief Executive Officer

PHONE:

(914) 684-2500


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