It would be great for NECB to be taken over but I believe there is a 3 year wait before 2nd step. The bank is one of the best values around and hopefully with the dividend announcement people will begin to notice. There are not that many small inexpensive banks located in Manhattan. Good takeover candidate but not right now.
Probably not dividend, that is causing this. I suspect "relative value trading" at work. The book value for NECB should be around $17-$19 per share. With the rest of the market rallying, somebody had to notice how cheap NECB was.