Monarch Financial Holdings Declares 6 for 5 Stock Split and Quarterly Cash Dividend on Common Stock
October 18 2012 - 4:34PM
Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the
holding company for Monarch Bank, announced at their October 17,
2012 Board of Directors meeting the declaration of a 6 for 5 stock
split, which equals 20% more shares for each shareholder. This was
the company's sixth stock split or stock dividend in their
history. This 6-for-5 stock split equals one additional share
for every five shares owned, and is payable December 7, 2012 to
shareholders of record on November 9, 2012.
The Board of Directors also declared a quarterly cash dividend
of $0.05 per common share, payable on November 30, 2012, to
shareholders of record on November 9, 2012. The amount and
declaration of future cash dividends is subject to Board of
Director's approval in addition to regulatory restrictions.
Total cash dividends declared in 2012 equaled $0.19 per
share, which represents an increase of over 18% from the previous
year.
"Due to our strong financial performance our Board of Directors
was unanimous in approving both the stock split and quarterly cash
dividend," stated Brad E. Schwartz, Chief Executive
Officer. "We are proud to be Monarch and want our shareholders
to share in that pride through increased ownership in our
stock."
Monarch Financial Holdings, Inc. is the one-bank holding company
for Monarch Bank. Monarch Bank is a community bank with ten
banking offices in Chesapeake, Virginia Beach, Norfolk, and
Suffolk, Virginia. OBX Bank, a division of Monarch Bank,
operates offices in Kitty Hawk and Nags Head, North
Carolina. Services are also provided through over fifty ATMs
located in the South Hampton Roads area and the Outer Banks of
North Carolina, and "Monarch Online" consumer, mobile and business
internet banking (monarchbank.com). Monarch Mortgage and our
affiliated mortgage companies have over twenty offices with
locations in Virginia, North Carolina, Maryland, and South
Carolina. Our subsidiaries/ divisions include Monarch Bank,
OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX
Bank Mortgage (secondary mortgage origination), Coastal Home
Mortgage, LLC (secondary mortgage origination), Regional Home
Mortgage, LLC (secondary mortgage origination), Monarch Home
Funding, LLC (secondary mortgage origination), Monarch Investments
(investment and insurance solutions), Real Estate Security Agency,
LLC (title agency) and Monarch Capital, LLC (commercial mortgage
brokerage). The shares of common stock of Monarch Financial
Holdings, Inc. are publicly traded on the Nasdaq Capital Market
under the symbol "MNRK", and shares of our convertible preferred
stock are publicly traded on the Nasdaq Capital Market under the
symbol "MNRKP".
This press release may contain "forward-looking statements,"
within the meaning of federal securities laws that involve
significant risks and uncertainties. Statements herein are based on
certain assumptions and analyses by the Company and are factors it
believes are appropriate in the circumstances. Actual results could
differ materially from those contained in or implied by such
statements for a variety of reasons including, but not limited to:
changes in interest rates; changes in accounting principles,
policies, or guidelines; significant changes in the economic
scenario: significant changes in regulatory requirements; and
significant changes in securities markets. Consequently, all
forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company's
most recent Form 10-K and 10-Q reports and other documents filed
with the Securities and Exchange Commission. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
CONTACT: Brad E. Schwartz - (757) 389-5111, www.monarchbank.com
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