SAN DIEGO, Calif., June 1 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM)
today announced it will pay its 45th consecutive quarterly cash dividend on
August 3, 1998 to shareholders of record on June 30, 1998. The three cents
($.03) per share dividend represents a sizable increase in the bank's cash
dividend payout due to the increase in shares outstanding resulting from the
recent acquisition of Rancho Vista National Bank and the 2-for-1 split issued
December 10, 1997. Bank of Commerce currently has approximately 14.2 million
shares outstanding compared to 5.9 million a year ago.
"This is the first dividend we will pay to our new shareholders from
Rancho Vista and we are delighted to welcome them to our bank with this
dividend," stated Peter Q. Davis, Chairman and CEO.
On April 13, 1998, Bank of Commerce reported record first quarter profits
increased 123% to $2.57 million, or $.20 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 27.03% return on equity and a
1.87% return on assets in the first quarter of 1998.
Bank of Commerce is the nation's number one SBA bank lender and the
largest publicly held independent bank headquartered in San Diego County. The
bank operates 15 specially designated loan production offices in San Diego,
Glendale, Orange, Sacramento and San Francisco, CA; Las Vegas and Reno, NV;
Phoenix and Tucson, AZ; Seattle, WA; Portland, OR; Denver, CO; Dallas, Houston
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 Friday, May 29, Bank of Commerce shares closed the trading day
at $18.125.
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. 107344
CONTACT:
Peter Q. Davis, Chairman & CEO of Bank of
Commerce, 619-232-2096
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