Exchange National Bancshares (NASDAQ:EXJF)
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Exchange National Bancshares of Jefferson City, Mo.
(Nasdaq:EXJF) announced today that its Board of Directors approved
changes in the timing and amounts of its dividend payments effective
January 1, 2006.
In making the announcement, Board Chairman and CEO James E. Smith
stated: "In addition to regular quarterly dividends, we have voted for
the past 19 years to pay a special, discretionary dividend in
December. Beginning January 1, 2006, the equivalent of the special
dividend, currently 9 cents per share, will be paid to our
shareholders sooner by adding 3 cents per share to our regular
quarterly dividend. The Board also voted to pay an additional 3 cents
per share annually, enabling us to pay shareholders 21 cents per share
each quarter versus the current 18 cents per share."
These changes apply beginning with the quarterly cash dividend
payable January 1, 2006, to shareholders of record at the close of
business December 15, 2005.
The announcement does not affect payment of the company's
previously announced December 1, 2005, special dividend.
Explaining the reasons for the changes, Smith said: "The special
dividend is not considered a regular dividend payment because it could
be stopped at any time. Incorporating it into regular quarterly
dividends not only ensures its payment to shareholders, but benefits
shareholders in other important ways.
"Shareholders will receive their dividends earlier, throughout the
year, instead of having to wait until December. In addition, the
change will produce a more accurate calculation of our dividend yield,
which is an important measure used by analysts in determining the
attractiveness of our shares as an investment. Because analysts
generally do not include special dividend payments in calculating
dividend yields, we were not receiving the benefit of our full annual
dividend payments.
"We will also reduce our dividend payment processing costs 20% by
reducing the frequency of payments from five times per year to four."
Exchange National Bancshares, Inc., a multi-bank holding company
headquartered in Jefferson City, Missouri, is the parent company of
The Exchange National Bank of Jefferson City with locations in
California, Tipton and St. Robert; Citizens Union State Bank & Trust
of Clinton with locations in Springfield, Lee's Summit, Branson,
Windsor, Collins and Osceola; Bank 10 with locations in Belton,
Drexel, Harrisonville, Independence and Raymore; and Osage Valley Bank
of Warsaw.
Statements made in this press release that suggest Exchange
National Bancshares' or management's intentions, hopes, beliefs,
expectations, or predictions of the future include "forward-looking
statements" within the meaning of Section 21E of the Securities and
Exchange Act of 1934, as amended. It is important to note that actual
results could differ materially from those projected in such
forward-looking statements. Additional information concerning factors
that could cause actual results to differ materially from those
projected in such forward-looking statements is contained from time to
time in the company's quarterly and annual reports filed with the
Securities and Exchange Commission.