ELMER BANCORP, INC. ANNOUNCES CASH DIVIDEND
ELMER, NEW JERSEY – October 1, 2020 – ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), parent company of The First National Bank of Elmer (the “Bank”), announced that the Board of Directors declared a cash dividend on October 1, 2020 in the amount of $0.16 per common share, payable on November 2, 2020 to stockholders of record as of the close of business on October 16, 2020.
The Board of Directors made a difficult decision to suspend the payment of the Company’s semi-annual dividend of $0.30 per common share on April 1, 2020 reflecting the need to conserve capital due to the uncertainties surrounding the COVID-19 pandemic. Brian W. Jones, President and CEO of the Company stated, “The Board believes that while many challenges remain in the economic environment, the Board of Directors found it appropriate to provide the shareholders with a return on their investment while remaining cautious about the current degree of unpredictability in the market.”
The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. Deposits at The First National Bank of Elmer are insured up to the legally maximum amount by the Federal Deposit Insurance Corporation (FDIC).
Matthew A. Swift
Senior Vice President
Chief Financial Officer and
Chief Operating Officer