Palmetto Bancshares, Inc. Declares Quarterly Cash Dividend
July 23, 2014
GREENVILLE, SC – Palmetto Bancshares, Inc. (NASDAQ: PLMT) (the “Company”), the holding company for The Palmetto Bank, will pay a quarterly cash dividend of $0.05 per common share, payable on August 18, 2014 to shareholders of record as of the close of business on August 4, 2014.
“We are pleased to resume payment of quarterly dividends to our shareholders as part of our “value creation strategy” to increase the value of The Palmetto Bank franchise,” said Samuel L. Erwin, Chairman and Chief Executive Officer. “Over the past few years, the banking industry went through a period during which preservation of capital was paramount as the industry focused on improving its financial condition. We were prudent in our capital management and suspended the payment of our quarterly dividend after the first quarter 2009. Given our continued generation of sustained profitability, The Palmetto Bank is now well-positioned to resume payments of dividends. We believe returning a portion of our quarterly earnings to our shareholders is an effective use of our capital and demonstrates our commitment to generating shareholder value. We also believe that the payment of cash dividends increases the attractiveness of our stock to both current and potential investors.”
About The Palmetto Bank: Headquartered in Greenville, South Carolina, The Palmetto Bank is a 107-year old community bank and is the third largest banking institution headquartered in South Carolina. The Palmetto Bank has assets of $1.1 billion and serves the Upstate of South Carolina through 25 branch locations in nine counties along the economically attractive I-85 corridor, as well as 24/7/365 service through online and mobile banking, ATMs and telephone. The Bank has a unique understanding of the Upstate market and delivers local decision making with greater responsiveness to clients. Through its Retail, Commercial and Wealth Management lines of business, the Bank specializes in providing financial solutions to consumers and small to mid-size businesses with deposit and cash management products, loans (including consumer, mortgage, credit card, automobile, Small Business Administration, commercial, and corporate), lines of credit, trust, brokerage, private banking, financial planning and insurance. Recognized in the past year by several international publications for innovative client technology solutions, the Bank provides solutions that improve the client experience by providing clients the ability to bank whenever they want, wherever they want. Additional information may be found at the Bank’s website at palmettobank.com or on Facebook.
