PALOS VERDES ESTATES, Calif., Nov. 15, 2024 (GLOBE NEWSWIRE) -- Malaga Financial Corporation (OTCPink:MLGF). Malaga Financial Corporation announced today that its Board of Directors had declared a special 5% stock dividend on the company's common stock outstanding, payable on or about December 31, 2024, to shareholders of record at the close of business on December 20, 2024. The dividend will be issued in the form of additional shares of common stock. Cash will be issued in lieu of fractional shares. Additionally, a quarterly cash dividend of 25 cents was declared payable to shareholders of record at the close of business on December 20, 2024, to be paid on or about January 2, 2025. Randy C. Bowers, President and CEO, remarked, "We are pleased to declare a special year-end stock dividend in addition to our 82nd consecutive quarterly dividend. This will result in total cash dividends paid in 2024 of $1.00 per share for a 4.39% annual yield based on a closing share price of $22.76 on November 14, 2024, in addition to the special stock dividend. This is the 13th consecutive year that we have declared a special year-end dividend along with the quarterly cash dividend."
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over fifteen years Malaga Bank has been consistently recommended by one of the nation's leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer's premier Top 5-Star rating for the 67th consecutive quarter as of June 2024. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank's web site is located at www.malagabank.com.
| Contact: | Randy Bowers Chairman of the Board, President and Chief Executive Officer Malaga Financial Corporation (310) 375-9000 rbowers@malagabank.com |
