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Absecon Bancorp reports recurring dividend actions as the OTC-traded bank holding company of First National Bank of Absecon. Company news centers on board-declared quarterly cash dividends, shareholder record and payment dates, and the community bank's role serving Atlantic County, New Jersey.
First National Bank of Absecon is a nationally chartered community bank established in 1916. Its business focuses on deposit and loan products for retail customers and small and mid-sized businesses in Atlantic County and nearby southern New Jersey markets, with deposits insured by the FDIC up to legal limits.
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Absecon Bancorp (ASCN) has declared a cash dividend of $2.20 per share, a 4.76% increase from last year. The total dividend payment amounts to $243,251.80, based on 110,569 shares outstanding. This dividend is part of the company's capital management strategy and will be paid on January 20, 2023, to stockholders recorded as of December 30, 2022. The CEO emphasized the company's commitment to invest in business and maximize shareholder value.
Absecon Bancorp (ASCN) announced a cash dividend of $2.10 per share, reflecting a 5% increase from last year. The dividend, amounting to $231,917.70 based on 110,437 shares, underscores the company’s commitment to enhancing shareholder value and is part of its capital management strategy. The dividend will be payable on January 21, 2022, to stockholders of record by December 31, 2021. Absecon Bancorp plans to invest in people and technology to improve banking performance while maintaining a focus on prudent capital management.
Absecon Bancorp (ASCN) announced a new share repurchase plan, allowing the buyback of up to 10,000 shares, approximately 8.9% of its outstanding shares. The purchases will be conducted via open market or private transactions, depending on market conditions and the company's performance. The company reported a net income of $210,000 and total assets of $173.8 million as of June 30, 2021. The repurchased shares may be retired or used for corporate purposes, with Keefe, Bruyette & Woods appointed as the independent purchasing agent.