SUMMIT, N.J., Hilltop Community Bancorp, Inc. (OTC Bulletin Board: 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, 2009 will receive one share of common stock for each twenty shares they own, payable on December 24, 2009.
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 solid earnings performance this year and is poised to continue to perform well in 2010. In particular, our decision to allow expensive certificates of deposit to run off resulted in a lower cost of funds and a dramatically increased net interest margin. We are seeking out new business opportunities and our calling officers are spreading the word that Hilltop has money to lend and first rate products for businesses, professionals, and consumers."
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.
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.