Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 20, 2024

 

 

 

UNITED BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Ohio	0-16540	34-1405357
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

 

201 South 4th Street, Martins Ferry, Ohio	43935-0010
(Address of principal executive offices)	(Zip Code)

 

Registrant’s telephone number, including area code: [phone]

 

(Former name or former address, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $1.00		UBCP		NASDAQ Capital Market

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 8.01.

Other Events.

 

On February 21, 2024, United Bancorp, Inc. issued a press release announcing the declaration by its Board of Directors on February 20, 2024 of the Company’s dividend for the first quarter of 2024, which will be payable on March 20, 2024 to shareholders of record on March 8, 2024. A copy of the press release is furnished herewith.

 

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)        Exhibits

 

The following exhibits are furnished herewith:

 

Exhibit  Number	Exhibit Description
99	Registrant’s press release dated February 21, 2024

 

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	Dated: February 21, 2024	United Bancorp, Inc.
		/s/ Scott A. Everson
		Scott A. Everson, Chief Executive Officer

 

 

 

Exhibit 99

 

 

PRESS RELEASE

 

United Bancorp, Inc. 201 South 4th at Hickory Street, Martins Ferry, OH 43935

 

Contacts:	Scott A. Everson	Randall M. Greenwood
	President and CEO	Senior Vice President, CFO and Treasurer
	[phone], ext. 6154	[phone], ext. 6181
	[e-mail]	[e-mail]

 

 

FOR IMMEDIATE RELEASE:

11:00 AM

February 21, 2024

 

United Bancorp, Inc. Declares a Quarterly Cash Dividend of $0.1725 per Common Share Producing a Forward Yield of 5.4% and Announces a Special Dividend Payment of $0.15 per Common Share

 

MARTINS FERRY, OHIO ¨¨¨ On February 20, 2024, the Board of Directors of United Bancorp, Inc. (UBCP) declared a first quarter cash dividend of $0.1725, which is payable on March 20, 2024 to shareholders of record on March 8, 2024. This is an increase of $0.01, or 6.2%, over the cash dividend paid in the first quarter of last year. At this new level and on a forward basis, the regular cash dividend is $0.69, which produces a forward yield of 5.4% based on the market value at the most recent quarter-end.

 

In addition to this regular cash dividend payment, the Board of Directors of United Bancorp, Inc. also approved a one-time, special dividend of $0.15 per common share, which is payable on March 20, 2024 to shareholders of record on March 8, 2024. The Board of Directors approved this special cash dividend based on the Company’s continued solid earnings, ample liquidity and strong capital position. On a forward basis and inclusive of this special dividend payment, United Bancorp, Inc. is projected to pay cash dividends of $0.84 in the current year.

 

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and has total assets of $819.5 million and total shareholder’s equity of $63.7 million as of December 31, 2023. Through its single bank charter, Unified Bank, the Company currently has eighteen banking centers that serve the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas and Marshall County in West Virginia. United Bancorp, Inc. trades on the NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

 

 

 

Cover	Feb. 20, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 20, 2024
Entity File Number	0-16540
Entity Registrant Name	UNITED BANCORP, INC.
Entity Central Index Key	0000731653
Entity Tax Identification Number	34-1405357
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	201 South 4th Street
Entity Address, City or Town	Martins Ferry
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43935-0010
City Area Code	740
Local Phone Number	633-0445
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, Par Value $1.00
Trading Symbol	UBCP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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