Exchange Bank dividend climbing

The latest 5-cent increase per share reflects improving economic environment, the Santa Rosa-based bank's CEO said Wednesday.|
ROBERT DIGITALE
THE PRESS DEMOCRAT

Santa Rosa’s Exchange Bank announced Wednesday it will increase its quarterly dividend for the second time this year to 45 cents a share.

The most recent increase of 5 cents a share reflects confidence by the board of directors “in the sustainability of the bank’s earnings and improving economic environment,” President and CEO Gary Hartwick said in a statement.

The dividend is payable Dec. 12.

Exchange Bank, Sonoma County’s largest community bank, suspended its dividend in 2008 during the real estate crash and accompanying global financial crisis. The previous year the bank had paid $6.10 per share in dividends.

The bank resumed paying a dividend of 25 cents a share in September 2012.

Fifty-one percent of its stock dividend goes to the Doyle Trust to fund Santa Rosa Junior College Doyle Scholarships. The college awarded $1,000 scholarships to 873 students for this school year.

Over the past six decades, the college has awarded more than $80 million in scholarships to more than 122,000 students.

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