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// December 4, 2014//
South Hill-based Citizens Community Bank has declared its first dividend.
The 15-year-old bank will pay an annual cash dividend of 5 cents per share on Jan. 12 to common shareholders of record on Dec 15.
“We are proud to celebrate our fifteen-year anniversary milestone by declaring the bank's first annual cash dividend,” James R. Black, president and CEO, said in a statement. “We look forward to further enhancing shareholder value, as we are consistently gaining positive momentum on various fronts.”
Citizens, a state-chartered bank, opened in December 1999. It operates five branches — three in south Central Virginia and two in northern North Carolina, as well as a loan production office in Raleigh, N.C.
The bank reported net income of $165,493 after preferred stock dividends at the end of the third quarter, or 11 cents per diluted share. Total assets at the end of the quarter were $166.3 million and deposits totaled $142.4 million.
