Providence Bank announces 2nd-quarter dividend | The Wilson Times
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Providence Bank announces 2nd-quarter dividend

Posted on May 3, 2021

Local news



ROCKY MOUNT — Providence Bank will pay a second quarter cash dividend of 25 cents per share on common stock to shareholders of record on May 12, President and CEO Ted E. Whitehurst announced Friday. 

The dividend is payable May 26 and represents a 21.95% increase from the bank’s second quarter dividend in 2020.

“This represents our 38th consecutive quarterly cash dividend,” Whitehurst said in a news release. “Our consistent financial performance has allowed us to increase our cash dividend each quarter since we began paying dividends in the 1st quarter of 2012. The consistent increase in our cash dividend continues to be an important part of our strategy to enhance shareholder value. We believe this strategy sets us apart from other community banks.”

The quarter-per-share dividend equates to $1 per share on an annualized basis and a dividend yield of roughly 2.84% based on the $35.25 per-share closing price recorded on Thursday.

Headquartered at 450 N. Winstead Ave. in Rocky Mount, Providence Bank is a state-chartered community bank with branches in Rocky Mount, Tarboro, Nashville, Wilson and Raleigh.

Through holding company PB Financial Corp., Providence Bank had $617.6 million in assets under management, $495.9 million in loans and $484.5 million in total deposits as of March 31.

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