Hilltop Community Bank To
Issue Stock Dividend
November 25, 2003
SUMMIT, N.J., Hilltop Community Bank (OTC Bulletin Board- HTCB.OB) announced that its Board of Directors has authorized the payment of a 5% stock dividend. It is expected that Shareholders of record on December 5, 2003 will receive one share of common stock for each twenty shares they own, payable on December 22, 2003. The exact timing of the dividend, however, is subject to regulatory approval.
Chairman Richard D. Wellbrock stated: “We are very pleased with Hilltop Community Bank’s progress and our Board wanted to demonstrate to our loyal owners that enhancing shareholder value is an important motivator for us. Our record of profitability over the past four quarters makes a stock dividend a logical step for us.”
Mortimer J. O’Shea, President and Chief Executive Officer, commented: “Many of our shareholders are also customers of the Bank and they’ve helped us grow assets to $117.6 million at the end of the third quarter. Hilltop’s Directors, officers and employees are working hard to continue this growth in Summit, Berkeley Heights, and the other communities we serve. The Bank’s reputation for personal service delivered by experienced professionals enhances our business development efforts.”
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 and Berkeley Heights and also serves the surrounding communities of Springfield, Westfield, New Providence, Millburn, Mountainside, Watchung and Warren.
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 movements 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 and regulatory barriers and structures. Actual results may differ from such forward looking statements. The bank assumes no obligation for updating any such forward looking statements at any time.
