Northeast Indiana Bancorp, Inc. Increases Quarterly Cash Dividend And Names Christopher D. Cook Senior Vice President/Chief Financial Officer

HUNTINGTON, Ind., Nov. 2, 2021 /PRNewswire/ -- The Board of Directors of Northeast Indiana Bancorp, Inc., (OTCQB:  NIDB), the parent company of First Federal Savings Bank, is proud to announce the Corporation has increased the cash dividend paid to shareholders for the 27th year in a row. 

The cash dividend of $0.30 per common share per quarter represents a $0.02 per share or 7.1% increase over the Company's previous quarterly dividend.  President and CEO Michael S. Zahn stated, "We are pleased to reward our shareholders with our 27^th consecutive year of increasing our cash dividend.  Due to our continued strong financial performance and capital levels, the Board of Directors feels the dividend increase is warranted."  The dividend will be payable on November 26, 2021 to shareholders of record on November 11, 2021.  This makes an annualized dividend yield of 2.7% based on a closing price of $44.50 per common share, which was the last reported trade on October 27, 2021.  The book value of NIDB's stock was $40.75 per common share as of September 30, 2021 with 1,202,985 shares outstanding.

In addition, Christopher D. Cook had joined the bank on October 25^th, 2021, assuming the role of Senior Vice President/Chief Financial Officer.  Cook has over 25 years of banking experience and has 10 years of experience as CFO at another institution.  In addition, Cook was appointed to the Board of Directors for both the Bank and the Holding Company.  Zahn comments, "We are extremely excited to welcome Chris to our team.  His vast banking experience and expertise will immediately add value to the organization."  Cook is a Certified Public Accountant along with a Bachelor's Degree and a Master's of Business Administration from Ball State University and completed the Graduate School of Banking in Madison WI.

Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana.  The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and five full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne (2).  The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB".  Our web site address is www.firstfedindiana.bank.

 

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SOURCE Northeast Indiana Bancorp, Inc.