SAN DIEGO, Sept. 2 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM) today
announced it will pay its 46th consecutive quarterly cash dividend on
November 2, 1998 to shareholders of record on September 30, 1998. The three
cents ($.03) per share dividend is 20% higher than the two and one half cents
($.025), split adjusted, per share dividend paid at this time last year.
The new cash dividend payout is 53% higher than the bank's total cash
dividend payout of last year at this time. Bank of Commerce will payout
$434,681 in cash dividends this November compared to $283,137 at the same time
last year. The substantial increase resulted from the per share dividend
increase and the issuance of news shares through stock splits and
acquisitions. The bank currently has approximately 14.5 million shares
outstanding compared to 5.7 million a year ago.
"Our expansion plans remain on schedule. The loan production offices
(LPOs) in Dallas-Forth Worth, Houston, Austin and San Antonio, Texas are now
up and running. We are on schedule to open LPOs in Salt Lake City, Utah this
week and in Atlanta and Chicago before year-end. Loan demand remains strong
throughout our eight state network and we anticipate our new offices will
increase loan production even further," stated Peter Q. Davis, Chairman, and
CEO.
On July 7, 1998, Bank of Commerce reported record second quarter profits
which increased 93% to $3.3 million, or $.21 per share (diluted). Per share
results reflect the 2-for-1 stock split issued December 10, 1997 and the
2.5 million shares issued in conjunction with the merger with Rancho Vista
National Bank. Bank of Commerce generated a 25.51% return on equity and a
1.86% return on assets in the second quarter of 1998.
Bank of Commerce is the nation's leading SBA bank lender and the largest
publicly-held independent bank headquartered in San Diego County. The bank
operates 16 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; 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.
Statements concerning future performance, developments or events,
concerning expectations for growth, new offices, and market forecasts, and any
other guidance on future periods, constitute forward-looking statements which
are subject to a number of risks and uncertainties which might cause actual
results to differ materially from stated expectations. These factors include,
but are not limited to, the ability of the bank to efficiently open new
offices, effect of interest rate changes, economic conditions in the states
where the bank conducts business, changes in SBA policy or funding,
competition in the financial services market for loans, and general economic
conditions.
SOURCE Bank of Commerce
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Related links:
http://www.bankofcommerce.net
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 123798
CONTACT:
Peter Q. Davis, Chairman & CEO, or Margaret
Kuhn, VP/Investor Relations, both of Bank of Commerce,
619-232-2096
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