Bank of Botetourt's Dividend Increases 7.1%

News provided by

Feb 05, 2018, 04:00 ET

BUCHANAN, Va., Feb. 5, 2018 /PRNewswire/ -- Bank of Botetourt's (OTCPK: BORT) Board of Directors voted to increase its quarterly dividend payment to $0.15 per share. The $0.01 per share increase over last quarter's dividend represents a 7.1% increase in the quarterly dividend payment. The cash dividend is payable February 16, 2018 to shareholders of record on February 9, 2018.

The Bank's book value increased to $24.50 at December 31, 2017, an increase of $0.84, or 3.6%, over book value of $23.66 one year prior. The Bank's dividend payout ratio increased from 30.4% in 2016 to 35.1% in 2017.

CEO G. Lyn Hayth, III states, "Providing a return on investment to shareholders is one of our top priorities. The vote by our Board to again increase the dividend solidifies our commitment to this goal."

Last month, the Bank announced that Raymond James and Associates is quoting a market in Bank of Botetourt, under the symbol BORT, on the Over the Counter Markets. Hayth continued,
"We hope that this action will provide shareholders additional liquidity for their shares."

Bank of Botetourt was chartered in 1899 and operates twelve retail offices in Botetourt, Rockbridge, Roanoke, and Franklin counties and the City of Salem, all in Virginia, operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.

SOURCE Bank of Botetourt