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FOR IMMEDIATE RELEASE
Bankers' Bank Northeast Pays Dividend
December 7, 2007
Bankers’ Bank Northeast announces that it will distribute its first dividend to shareholders of record on December 31, 2007.
The cash dividend of $6.67 per share will be paid to each of the 44 community banks which own Bankers' Bank Northeast common stock. The distribution amounts to approximately 10 percent of the bank’s 2006 net, after tax income.
“The payment of our first dividend is another milestone for Bankers’ Bank Northeast,” said Peter J. Sposito, President and CEO, who pointed out that the bank became profitable in 2001, three years after it was founded, and has grown its net income after tax since then at a compound rate of 29 percent. “The dividend payment provides a tangible benefit of the growing value of our retained earnings,” Sposito added.
Commenting on the dividend declaration, Board Chairman Ralph Shulansky, Esq., noted, “In just over nine years, Bankers’ Bank Northeast has come to play a key role in assisting community banks to operate more efficiently and competitively. The economies of scale and the growing list of bank to bank services enable our client banks to meet competitive threats.”
BBN lists assets of $92,109,000 as of 9/30/2007 and $550,000,000 of assets under management. Bankers’ Bank Northeast provides correspondent banking products and related services to 172 community banks in New England and New York State. Its client banks list assets totaling $73,419,966,000, creating a large virtual economy of scale.
Bankers’ Bank Northeast employs a staff of 26 and is located at 43 Western Boulevard, Glastonbury, CT.