1ST Constitution Bancorp announced that its Board of Directors has declared a cash dividend of $0.05 per common share
OREANDA-NEWS. 1ST Constitution Bancorp (NASDAQ:FCCY), parent company of 1ST Constitution Bank, announced that its Board of Directors has declared a cash dividend of $0.05 per common share. The cash dividend will be paid on October 21, 2016 to all shareholders of record as of the close of business on September 28, 2016.
This action represents the first cash dividend declared by 1ST Constitution Bancorp on its common shares. The Company’s Board of Directors determined that it is appropriate at this time to initiate a quarterly cash dividend in light of the Company’s strong financial condition, consistent level of net income, stable capital position and sound asset credit quality.
Charles S. Crow, III, Chairman of the Board, commented “The Board of Directors is pleased to declare our first cash dividend and expresses its gratitude to our shareholders for their continued support.” Mr. Crow added, “The Board believes that the initiation of a quarterly cash dividend will enhance shareholder value.”
The timing and amount of the payment of future cash dividends, if any, on the Company’s common shares will be at the discretion of the Company’s Board of Directors and will be determined after consideration of various factors, including the level of earnings, cash requirements, regulatory capital and financial condition.
About 1ST Constitution Bancorp
1ST Constitution Bancorp, through its primary subsidiary, 1ST Constitution Bank, operates 19 branch banking offices in Cranbury (2), Fort Lee, Hamilton, Hightstown, Hillsborough, Hopewell, Jamesburg, Lawrenceville, Perth Amboy, Plainsboro, Rocky Hill, West Windsor, Princeton, Rumson, Fair Haven, Shrewsbury, Little Silver and Asbury Park, New Jersey. 1ST Constitution Bank also operates 5 residential mortgage loan production offices in Forked River, Flemington, Jersey City and Somerset, New Jersey and Bethlehem, Pennsylvania.