Northway Financial, Inc. Announces Stock Dividend
10 May 2013 - 12:10AM
Marketwired
The Board of Directors of Northway Financial, Inc. (the "Company")
(OTCBB: NWYF) has declared a special common stock dividend of 5.0%,
payable on May 30, 2013 to shareholders of record on May 22, 2013.
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.
Forward-looking Statements
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.
Contact: Russell A. Cronin, Jr. Senior Vice President and Chief
Financial Officer 603-326-7398
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