Malaga Financial Corporation Announces 64th Consecutive Quarterly Cash Dividend
/EIN News/ -- PALOS VERDES ESTATES, Calif., May 29, 2020 (GLOBE NEWSWIRE) -- Malaga Financial Corporation (OTCPink:MLGF) announced today the declaration of a cash dividend in the amount of 25 cents per share to shareholders of record on June 19, 2020. The dividend will be paid out on or about July 1, 2020. Randy C. Bowers, Chairman, President and CEO, remarked, “We are pleased to announce the 25 cent quarterly dividend which represents a 4.55% annualized yield based on our most recent closing price of $22.00. Strong earnings and capital levels enable us to continue to reward our shareholders in spite of an extremely challenging operating environment over recent months.”
Mr. Bowers continued, “We are extremely proud of the extraordinary efforts of our colleagues during this period, which includes accommodating all loan requests from local businesses and non-profits for the SBA Paycheck Protection Program while conducting normal banking activity Monday-Friday at our branches.”
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. Malaga Bank has been named by DepositAccounts.com as one of the Top 200 Healthiest Banks out of the 5,035 banks analyzed across the United States. A more detailed breakdown of Malaga Bank’s A+ health score may be found in the health section of its dedicated page at www.depositaccounts.com/banks/malaga-bank-fsb.html#health. For over ten years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 50th consecutive quarter as of March 2020. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.
| Contact: | Randy Bowers |
| Chairman, President and Chief Executive Officer | |
| Malaga Financial Corporation | |
| (310) 375-9000 | |
| rbowers@malagabank.com |
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