Exchange Bank to boost dividend, benefiting Doyle Scholarships

The Santa Rosa bank will pay out 70 cents per share, and the Doyle Trust at the SRJC will receive $600,000 in the latest dividend.|
BILL SWINDELL
THE PRESS DEMOCRAT

Exchange Bank has announced a quarterly cash dividend of 70 cents per share, payable on June 17. The dividend payout is a 7.7 percent increase over the previous quarter's 65 cents a share. It will be payable to those who own stock as of June 3.

Santa Rosa Junior College students will benefit because the Frank P. Doyle and Polly O'Meara Doyle Trust owns slightly more than 50 percent of the bank's stock. The trust will receive about $600,000 in the latest dividend. The trust provides the Doyle Scholarships at Santa Rosa Junior College, which provide awards to incoming full-time freshmen with at least a 2.75 grade-point average.

Chief Financial Officer Greg Jahn said Exchange's board has taken a conservative stance on raising dividends, due to new federal bank capital requirements.

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