SUMMIT, N.J., Nov. 24 /PRNewswire-FirstCall/ -- Hilltop Community Bancorp, Inc. (BULLETIN BOARD: HTBC) , the holding company for Hilltop Community Bank (the Bank) announced that its Board of Directors has authorized the payment of a 5% stock dividend. Shareholders of record on December 12, 2008 will receive one share of common stock for each twenty shares they own, payable on December 26, 2008.
In a joint statement, Chairman Richard D. Wellbrock and CEO Mortimer J. O'Shea commented: "This stock dividend recognizes the steady progress that the Bank has made thus far this year. Despite a deteriorating economy, the Bank has posted strong earnings growth through nine months compared to the prior year period, increased its net interest margin and maintained its high level of loan quality. The decision to offer investment products and services through a partnership with Investment Professionals, Inc. has already begun to contribute noninterest revenue. Our staff remains dedicated to providing the type of quality service our customers have become accustomed to."
Hilltop Community Bank is a state-chartered commercial bank that commenced operations on February 7, 2000. The Bank operates as a locally-headquartered, community oriented bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset counties.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movements in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal and regulatory barriers and structures. Actual results may differ from such forward-looking statements. The Bank assumes no obligation for updating any such forward-looking statements at any time.
