MARTINS FERRY, Ohio, Nov. 10, 2011 /PRNewswire/ -- On November 9, 2011, the Board of Directors of United Bancorp, Inc. (UBCP) declared the fourth quarter dividend payment of $0.14 per share for shareholders of record on November 25, 2011, with a payment date of December 20, 2011, to be paid out of the Company's capital surplus account which is represented on the Company's balance sheets included in its periodic reports filed with the Securities and Exchange Commission as "Additional paid-in capital." This represents a payment of $0.56 per share for 2011 with a current yield near 7%.
James W. Everson, Chairman, President and CEO stated United Bancorp has had a policy of rewarding its shareholders through quarterly dividends since its inception in 1983, reflecting its continued positive earnings. Our focus continues on improving asset quality and reducing operating expenses of our Company. We are keenly focused on making our Company more operationally efficient by taking advantage of opportunities presented through the recent implementation of our new core operating technologies. These opportunities have allowed several cost savings initiatives to be implemented this year, primarily in the second and third quarters, which will lead to continued cost savings going forward. We continue to project Earnings per Share of $0.62 this year-end 2011, up 19.2% from last year's $0.52 EPS.
United Bancorp, Inc. is headquartered in Martins Ferry, Ohio with total assets of approximately $414.1 million and total shareholder's equity of approximately $36.6 million as of September 30, 2011. Through its single bank charter with its twenty banking offices and an operations center, The Citizens Savings Bank through its Community Bank Division serves the Ohio Counties of Athens, Fairfield and Hocking and through its Citizens Bank Division serves Belmont, Carroll, Harrison, Jefferson and Tuscarawas. United Bancorp, Inc. is a part of the Russell Microcap Index and trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.