CBBC posts cash dividend

For the 35th consecutive year CBBC/Citizens Bank of Blount County is once again proud to pay a cash dividend. The local bank’s board of directors recently declared this dividend to shareholders of record as of Nov. 15, 2010, and payable on Dec. 21, 2010. The total dividend payout for 2010 is $291,665.50, which converts to 50 cents per share.

In his annual letter to CBBC shareholders, President and CEO Joe Bruce said, “2010 has basically been a repeat of 2009 with continued volatility in the economy. Values of real estate holdings, retirement plans, and numerous other assets remain low; and national unemployment numbers of near 10 percent continue to rise. Retail, service, housing, and industry sectors proceed to struggle as well. While 2010 earnings have felt the impact, CBBC continues our historical practice of following sound banking principles. The bank has taken numerous steps to reduce overhead expense and improve the efficiency of operations, with continued emphasis on Blue Ribbon Customer Service.”

Bruce goes on to say, “We remain fully committed to our fundamental philosophy of quality service to our customers, ongoing financial soundness and safety, and profitability in managing shareholder investment for growth in value.”

CBBC continues to hold BauerFinancial’s 5-Star Superior Rating and has a strong base of capital. The bank’s equity to capital ratio of 18.33 percent is 3 times the amount required by regulators. The local bank since 1973, CBBC has nine locations in Blount County, two in Knox County and one in Vonore.

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