SANTA CRUZ, Calif., Feb. 8, 2013 /PRNewswire/ -- Lighthouse Bank (OTC Bulletin Board: LGHT), Santa Cruz County's locally owned community Bank, announced today that it has declared a 5% stock dividend on the Bank's common shares outstanding. This represents the second stock dividend issued by the five-year-old bank, following a 10% stock dividend granted in 2011. According to Wedbush Securities, Lighthouse Bank's 2011 stock dividend was the first to be granted by a Northern or Central California Bank since the onset of the financial crisis in 2008.
The stock dividend was approved by the Bank's Board of Directors in light of the company's strong financial performance. Lighthouse Bank's net profit after tax for the year ended 12-31-12 exceeded $1.8 million and represented a 9.3% return on average equity. Dividend shares will be distributed on March 8, 2013 to owners of record as of February 22, 2013. The dividend will be issued in the form of additional shares of stock. Any fractional shares will be paid in cash based on the fair market value of the stock on the record date.
Lighthouse Bank has grown consistently since opening in October 2007, has operated profitability for the past fourteen quarters and has posted record earnings for each of the last twelve consecutive quarters. The Bank's stellar financial performance continues to garner industry accolades. The Bank is rated by Bauer Financial as 5-Star "Superior", the top ranking given by the independent bank rating firm. FMC Consulting Group named the Bank as among the top 15 (of 230) state chartered Banks in California. The Findley Reports named Lighthouse Bank a "Super Premier" performing bank, the highest ranking given by the well-known banking publication. The Bank has no financial relationship with any of these rating agencies.ABOUT LIGHTHOUSE BANK: