Message #2 From:
NewsBot Date: April 26, 2005 09:57:46 AM
ABCB ABC Bancorp Reports 6-for-5 Stock Split and 20% Increase in Dividend
ABC Bancorp Reports 6-for-5 Stock Split and 20% Increase in Dividend
MOULTRIE, Ga. - PRNewswire-FirstCall - Feb. 17
MOULTRIE, Ga., Feb. 17 /PRNewswire-FirstCall/ -- ABC Bancorp (NASDAQ:ABCB) announced today that its Board of Directors approved a six for five stock split on outstanding ABC common stock shares at the Board's February meeting. The new shares to be issued as a result of the stock split will be distributed on or about March 31, 2005 to shareholders of record as of the close of business on March 15, 2005. Fractional shares will be paid in cash. ABC plans to maintain its pre-split dividend of $0.14 per share, which effectively increases its quarterly dividend by 20%. The $0.14 per share dividend will be payable on April 11, 2005 to shareholders of record on March 31, 2005.
ABC posted a record level of earnings in 2004 in part the result of solidly improving credit quality and reliable operating performance from its network of community banks. ABC's balance sheet is further strengthened by a capital position and ratios that place ABC in the top 10% of its peer group. These collective strengths allow ABC to be able to maintain a dividend that aggressively rewards shareholders while still providing the necessary capital for planned growth.
Ed Hortman, ABC's President & Chief Executive Officer, commented on the stock split and 20% increase in the quarterly dividend saying, "ABC's ability to maintain a dividend level in the top 25% of our peers results from our strong network of community banks and talented bankers staffing them. Growth in earnings and dividends hinges on our ability to continue to improve our presence in our existing markets, to seek ways to serve our customers more efficiently and to maintain solid credit quality. Increasing an already strong dividend demonstrates our belief that the foundation exists to continue executing in these key areas."
ABC Bancorp is headquartered in Moultrie, Georgia and has 12 banking subsidiaries with 37 locations in Georgia, Alabama and northern Florida.
ABC Bancorp Common Stock is quoted on the Nasdaq National Market under the symbol "ABCB".
The preceding release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "estimate," "expect," "intend," "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
ABC Bancorp
Web site: http://www.abcbancorp.com/
