City Bank ( CTBK) declared a $3 special dividend and a 20-cent regular quarterly dividend.

The Lynnwood, Wash., bank said the distributions are payable Jan. 6 to shareholders of record Nov. 25. The company cited its strong capital position and said the low federal dividend tax rate makes such payouts "the most efficient way to return capital to shareholders."

On Thursday, City Bank rose 85 cents to $32.99.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday