Community Bank of Bergen County, NJ Suspends Quarterly Cash Dividend; Declares Five Percent Stock Dividend
MAYWOOD, N.J.--(BUSINESS WIRE)-- The Board of Directors of Community Bank of Bergen County, NJ announced today its decision to suspend its cash dividend until further notice. In lieu of a cash dividend, the Board declared a five percent stock dividend for shareholders of record on June 14, 2013, which will be payable on June 28, 2013, subject to regulatory approval.
"The decision to suspend the cash dividend was solely based on the current period loss that the bank incurred due to the sale of non-performing loans we announced earlier this week. We expect to reinstate the dividend as soon as we return to a normal and sustained level of profitability," said Peter A. Michelotti, President and CEO of Community Bank of Bergen County, NJ.
About Community Bank of Bergen County
Established in 1928, Community Bank of Bergen County, NJ (CBBC) serves the northern New Jersey community with four locations in Rochelle Park, Maywood, Fair Lawn and Garfield. Dedicated to superior service, the bank offers a range of customized personal and business banking products and the convenience of 24-hour ATMs and online banking.
With lending decisions made locally, and a responsive management team, Community Bank of Bergen County is committed to providing an exceptional banking experience.
For more information visit the Bank's web site at www.cbbcnj.com; and to view CBBC's 2012 Audited Financial Statements, visit: http://www.cfpproxy.com/5398/resources/Annual%20Report.pdf
Forward Looking Statements
This Release contains forward-looking statements that are not historical facts and include statements about management's strategies and expectations about our business. There are risks and uncertainties that may cause our actual results and performance to be materially different from results indicated by these forward-looking statements.Factors that might cause a difference include economic conditions; unanticipated loan losses, lack of liquidity; varying and unanticipated costs of collection with respect to nonperforming loans; changes in interest rates, changes in FDIC assessments, deposit flows, loan demand, and real estate values; changes in relationships with major customers; operational risks, including the risk of fraud by employees or outsiders; competition; changes in accounting principles, policies or guidelines; changes in laws or regulations and in the manner in which the regulators enforce same; new technology and other factors affecting our operations, pricing, products and services.
Community Bank of Bergen County, NJ
Peter A. Michelotti, 201-587-1333
President and CEO
KEYWORDS: United States North America New Jersey
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