Berlin, Maryland, Jan. 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Calvin B. Taylor Bankshares, Inc. (the “Company”) (TYCB), parent company of Calvin B. Taylor Bank, previously announced on December 20, 2019 that the Board of Directors declared a quarterly cash dividend of $0.31 per share. This dividend is payable on January 15, 2020. The previously announced record date of December 31, 2019 has been revised and the dividend will be payable to all stockholders of record as of January 9, 2020.
Prior to 2019, the Company paid regular cash dividends on an annual basis. The Board of Directors has determined that it was in the best interest of stockholders to pay quarterly cash dividends in lieu of annual cash dividends starting in 2019. Quarterly dividends are anticipated to continue but remain the discretion of the Board of Directors and will be dictated by the Company’s financial condition including regulatory capital ratios.
About Calvin B. Taylor Bank
Calvin B. Taylor Bank, the bank subsidiary of Calvin B. Taylor Bankshares, Inc. (TYCB), founded in 1890, offers a wide range of loan, deposit, and ancillary banking services through both physical and digital delivery channels. The Company has 11 banking locations within the eastern coastal area of the Delmarva Peninsula including Worcester County, Maryland, Sussex County, Delaware and Accomack County, Virginia. There is also a loan production office located in Onley, Virginia.
M. Dean Lewis, Vice President and Chief Financial Officer