Exchange Bank increasing dividend again

The dividend payments will amount to more than $1.6 million for the bank’s largest shareholder, the Doyle Trust, which funds the Doyle Scholarship for students at Santa Rosa Junior College.|
ROBERT DIGITALE
THE PRESS DEMOCRAT

Santa Rosa’s Exchange Bank announced Friday it is increasing its quarterly dividend to 50 cents per share, an increase of 5 cents.

The board of directors for Sonoma County’s largest community bank approved the dividend increase Wednesday. It will affect shareholders of record at the close of business March 6.

Bank President and CEO Gary Hartwick said the increase reflected the board’s confidence in the sustainability of the bank’s strong earnings. Earlier this month the bank reported its second year of significant growth, with its 2014 profits climbing nearly?13 percent to $17.7 million.

The dividend payments will amount to more than $1.6 million for the bank’s largest shareholder, the Doyle Trust, which funds the Doyle Scholarship for students at Santa Rosa Junior College. For more than six decades, the trust has helped the college award more than $80 million in scholarships to more than 122,000 students.

Robert Digitale

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