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Bancorp 34, Inc. reports recurring developments as the bank holding company for Southwest Heritage Bank, a community banking franchise serving markets in Arizona and New Mexico. News releases center on operating performance, net interest income and margin trends, loan growth, deposit costs, tangible book value, earnings per share and bank regulatory capital ratios.
Company updates also cover capital actions such as cash dividends, governance changes, material agreements and the completed combination with CBOA Financial, Inc., the parent of Commerce Bank of Arizona. These announcements reflect a community-bank issuer focused on balance-sheet performance, capital levels and branch-market banking activity.
Bancorp 34 announced a quarterly cash dividend of $0.05 per share, payable on September 25, 2020, to shareholders of record by September 11, 2020. This marks the seventh dividend since the company's mutual-to-stock conversion in October 2016. The CEO emphasized the dividend reflects confidence in long-term financial prospects and commitment to enhancing shareholder value while maintaining a strong capital position amidst the ongoing economic challenges.
Bancorp 34, Inc. (NASDAQ: BCTF) has announced its intent to voluntarily delist its common stock from the NASDAQ Capital Market and withdraw its registration with the SEC, effective around August 25, 2020. This decision, driven by cost-saving measures, will suspend the need for periodic SEC filings. Additionally, the company has initiated a stock repurchase program with a total purchase price not exceeding $600,000. As of June 30, 2020, Bancorp 34 reported consolidated assets of $458 million and stockholders' equity of $45.6 million.
Bancorp 34, Inc. (NASDAQ: BCTF) has appointed James Crotty as Co-President and Chief Executive Officer, effective July 20, 2020. Crotty, with 16 years at Keefe, Bruyette & Woods, brings extensive experience in strategic initiatives for community banks. Current CEO Jill Gutierrez will assist in the transition. Chairman Randall Rabon expressed confidence in Crotty's leadership to enhance stockholder value. As of March 31, 2020, Bancorp 34 reported consolidated assets of $408.4 million and stockholders' equity of $46.1 million.