SACRAMENTO, Calif., July 28, 2017—Steve Fleming, president and chief executive officer of River City Bank (the Bank), announced that the Bank’s board of directors has approved, in connection with the Bank’s recently reported net income of $6.4 million, or $4.42 diluted earnings per share for the quarter ending June 30, 2017, a cash dividend of $0.23 per common share and $0.79 per preferred share to shareholders of record as of August 7, 2017, and payable on August 22, 2017.
On September 13, 2017, all of the Bank’s 220,168 preferred shares will be converted as required on the seventh anniversary in accordance with the September 2010 Offering Circular into 183,473 shares of common stock. Fractional shares will be paid in cash based on the market value of the Bank’s common stock on that date. Preferred shareholders will be receiving additional instructions regarding the conversion and final dividend in early August 2017.
ABOUT RIVER CITY BANK:
River City Bank is the largest bank based in Sacramento and the Sacramento region’s premier business bank with assets of more than $1.9 billion. River City Bank offers a comprehensive suite of banking services, including loans, deposits and cash management tools to the business, consumer and commercial real estate sectors. With tailored, executive-level service and a five star “Superior” financial rating from the nation’s leading independent bank-rating firm, Bauer Financial, River City Bank redefines the banking experience and every touch point that surrounds it. River City Bank is the largest, independent, locally-owned bank in the Sacramento region with an office in San Francisco Bay Area and a presence in Southern California. For additional information, please visit www.rivercitybank.com or call (916) 567-2600. Member FDIC. Equal Housing Lender.