Also Announces Video-Only Annual Meeting
April 7, 2020
Elmer Bancorp, parent company of The First National Bank of Elmer, announced that it is suspending its dividend for the first quarter of 2020. Bank officials said uncertainty about future financials caused by the coronavirus pandemic inspired the move.
Brian W. Jones, president and CEO of the company and the bank, said, “The Board believes that, in these challenging times, it is prudent to retain all earnings within the Bank to provide capital to protect against any adverse impacts of the coronavirus outbreak on the Bank.”
Cindee F. Low, chairman of the Board, added, “As always, future dividends are not guaranteed, and are only payable if and when declared by the Board of Directors. The Board will evaluate whether to declare dividends in future quarters at the appropriate time.”
In addition, the company announced that due to health concerns surrounding the COVID-19 outbreak and to support the health and well-being of our meeting participants, the annual meeting of stockholders normally held in the first week of May has been scheduled for Aug. 4, 2020 in a video format only. Stockholders will be able to access the meeting by entering the voting control number found on their proxy card, which is expected to be mailed on, or about, July 1, 2020.
Read more about Elmer Bancorp’s dividend decision.
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The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.