Isabella Bank issued the following announcement on May 29.
Isabella Bank Corporation (OTCQX:ISBA) announced today that the Board of Directors of the Corporation declared a second quarter cash dividend of $0.27 per common share at its regular meeting held on May 27, 2020. The dividend will be payable on June 30, 2020 to shareholders of record as of June 26, 2020. Based on ISBA's closing stock price of $16.30 per share as of May 27, 2020, the annualized cash dividend yield was 6.63%.
"I am pleased to announce our Board approved a dividend of $0.27 per share for the second quarter. The second quarter dividend represents a 3.85% increase from the second quarter of 2019 and is unchanged from the first quarter of 2020. Our continued financial strength provides us the ability to reward shareholders with a very attractive return on their investment as evidenced by the 6.63% annualized yield," commented Jae A. Evans, President and Chief Executive Officer of Isabella Bank Corporation. "We remain focused on the impact COVID-19 and the economy are having on the communities in which we operate and serve. As we continue to assist businesses and families within our markets during these challenging times, we are looking ahead and planning for the needs of our customers, employees, and organization. This planning includes capital management, and we may deem it necessary to adjust future dividends for loan growth and other corporate purposes."
Original source can be found here.
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