Charter Financial Corporation declares first cash dividend at $0.125 per share; reports strong earnings for the first quarter of 2004
Bellevue, WA - April 28, 2004
Executives of Charter Financial Corporation announced today at the company's annual meeting of shareholders that its board of directors declared a $0.125 per share annual cash dividend. The dividend will be paid semiannually, in July 2004 to shareholders of record as of June 30, 2004, and in January 2005 to shareholders of record as of December 31, 2004. The payments will be the company's first cash dividend, following five consecutive, annual stock dividends.
"I was pleased with the board's decision to declare a cash dividend at this time," said Keith Jackson, President and CEO. "The directors wanted to acknowledge the company's loyal shareholders for their support and commitment to the company over the years. This decision also reflects the board's comfort with the strong earnings trend and credit quality of Charter Financial Corp's principal subsidiary, Charter Bank." The company also reported first quarter earnings. On March 31, 2004, loans totaled $132.4 million and deposits totaled $155.1 million. Total assets reached $194.0 million, and net income for the quarter was $376,054, which reflects a 25% increase in earnings over the first quarter of 2003.
Charter Financial Corporation is a Bellevue-based bank holding company. Its principal subsidiary, Charter Bank, has served family-owned businesses, high net worth individuals and professionals throughout King County since 1998. Charter Bank has offices in Bellevue, Redmond, Kent, and now, downtown Seattle. Clients enjoy friendly, professional, and customized service from experienced account officers with local market knowledge. They also benefit from quick turnaround on important decisions and transactions and 24/7 access to online banking. Employees of Charter Bank are shareholders and are committed to the financial success of the organization. They believe in giving back to the communities that have helped contribute to the success of Charter Bank. For more information, visit www.charterbankwa.com.
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