Hilltop
Community Bancorp Declares Fifth Annual Stock Dividend
November 19, 2007
SUMMIT, N.J., Hilltop Community Bancorp, Inc. (OTCBB:HTBC), the holding company for Hilltop Community Bank (the Bank) announced that its Board of Directors has authorized the payment of a 5% stock dividend. Shareholders of record on December 10, 2007 will receive one share of common stock for each twenty shares they own, payable on December 21, 2007.
In a joint statement, Chairman Richard D. Wellbrock and CEO Mortimer J. O’Shea commented: “This stock dividend again recognizes that Hilltop Community Bank has had a number of successes in 2007 and we expect to report further progress at the end of the fourth quarter and into next year. Contrary to many other community banks, Hilltop’s earnings were up significantly for the first nine months of 2007 as compared to the prior year. We’ve introduced new products in 2007, and we’re looking at other initiatives for 2008. In addition, the critical net interest margin has actually improved at Hilltop this year. Our people continue to provide the quality customer service that has been our hallmark since the inception of the Bank.”Hilltop Community Bank is a state chartered commercial bank which commenced operations on February 7, 2000. The Bank operates as a locally headquartered, community oriented bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.
The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movement in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward- looking statements. The Corporation assumes no obligation for updating any such forward-looking statements at any time.
