NORTH CONWAY, NH--(Marketwired - May 9, 2013) - The Board of Directors of Northway Financial, Inc. (the "Company") (
With three consecutive years of record earnings serving as the foundation for this decision, the issuance of the stock dividend reflects the Company's interest in both thanking its shareholders for their continued long-term support, as well as to enhance the liquidity of its common stock. It is furthermore anticipated that the regular semi-annual cash dividend paid in 2012, having been increased 22% over the dividend paid in the preceding year, will continue to be paid on the February/August cycle. Based on the last available closing price of the Company's common stock, available through brokers and traded on the Over the Counter Bulletin Board Exchange, the annualized cash dividend yield is approximately 4.0%.
The cost basis of the stock dividend will be calculated using the average closing price of the Company's stock for the last ten days on which there were trades immediately preceding the record date.
Northway Financial, Inc., headquartered in North Conway, New Hampshire, is a bank holding company. Through its subsidiary bank, Northway Bank, the Company offers a broad range of financial products and services to individuals, businesses and the public sector from its 17 full-service banking offices and its loan production offices located in Bedford and Portsmouth, New Hampshire.
Statements included in this press release that are not historical or current fact are "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Northway Financial, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.