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 12, 2006 will receive one share of common stock for each twenty shares they own, payable on December 22, 2006.
In a joint statement, Chairman Richard D.
Wellbrock and CEO Mortimer J. O'Shea commented: "Hilltop Community
Bank has done well in a number of areas during 2006 and this fourth annual
stock dividend to our shareholders is our way of recognizing our continued
progress. For example, gross loans have increased approximately 18% since
the end of 2005 and net income at the Bancorp level increased by 226%
during the first nine months of 2006 when compared to the same period in
the previous year. Despite intense competition, we are retaining our key
business, professional and personal relationships who appreciate quality
banking service and products."
Hilltop Community Bancorp, Inc. is the parent bank holding company for Hilltop Community Bank. Hilltop Community Bank is a New Jersey state-chartered commercial bank which commenced operations in February 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.