Quakertown, Pa., Feb. 9 /PRNewswire-FirstCall/ -- The Board of Directors of QNB Corp. (BULLETIN BOARD: QNBC) , parent company of QNB Bank, at a meeting on February 9, 2009 declared a quarterly cash dividend of $.24 per share. The dividend represents a 4.3% increase over the same period last year and is payable March 27, 2009, to shareholders of record March 6, 2009.
In addition to declaring the dividend, the Board of Directors authorized the Company to purchase an additional 50,000 shares of its common stock in open market or privately negotiated transactions. This authorization represents an increase from the 50,000 share repurchase program announced in January 2008. The repurchase authorization does not bear a termination date. At February 9, 2009, there were 3,133,192 common shares outstanding and 6,658 shares had been repurchased under the previously authorized plan.
"During these challenging economic times, when many banks are reducing or eliminating their dividend, the Board of Directors is pleased to be able to reward our loyal shareholders with the fourteenth consecutive year of increased dividends," said Thomas J. Bisko, President and CEO. Bisko also stated, "The combination of the cash dividend increase and the repurchase program demonstrates the Board's confidence in the long-term success of the Company."
QNB Corp. offers commercial and retail banking services through the nine banking offices of its subsidiary, QNB Bank. In addition, QNB Bank provides retail brokerage services through Raymond James Financial Services, Inc. and title insurance as a member of Laurel Abstract Company LLC. QNB Corp.'s stock is traded in the over-the-counter market under the symbol "QNBC." For more information, visit QNB's web site at http://www.qnb.com/.
