SAN DIEGO, Nov. 17 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM) today
announced it will pay its 47th consecutive quarterly cash dividend on
February 1, 1999 to shareholders of record on December 31, 1998. The four
cents ($.04) per share dividend is 33% higher than the three cents ($.03) per
share dividend paid last quarter.
"Strong growth in loan production, spurred by our expansion into seven new
markets, contributed to our record performance this year. We are delighted to
be able to share our success with shareholders through steadily increasing
dividend payments," stated Peter Q. Davis, Chairman, and CEO.
On October 8, 1998, Bank of Commerce reported record third quarter net
income increased 54% to $3.8 million, or $.24 per diluted share, compared to
$2.45 million, or $.16 per diluted share, in the third quarter of 1997. The
strong earnings produced a return on average assets of 2.11% and return on
average equity of 27.5% for the third quarter.
Bank of Commerce is one of the nation's leading SBA lenders and the
largest publicly-held independent bank headquartered in San Diego County. The
bank operates 19 specially designated loan production offices in San Diego,
Fresno, Glendale, Orange, Sacramento, and San Francisco, CA; Las Vegas and
Reno, NV; Phoenix and Tucson, AZ; Seattle, WA; Portland, OR; Denver, CO;
Atlanta, GA; Salt Lake City, UT; Dallas -- Fort Worth, Houston, Austin, and
San Antonio, TX. In addition, Bank of Commerce operates ten full service
branches in San Diego, Vista, Carlsbad, Temecula, Palm Desert, and Orange,
California. On Monday, November 16, Bank of Commerce stock closed the trading
day at $15.13.
SOURCE Bank of Commerce
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Related links:
http://www.bankofcommerce.net
Company News On-Call:
http://www.prnewswire.com/comp/123798.html or fax,
800-758-5804, ext. 123798
CONTACT:
Peter Q. Davis, Chairman & CEO, or Margaret
Kuhn, First VP/Investor Relations, Bank of Commerce, 619-232-2096
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