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Special dividend approved by board

Special dividend approved by board

Posted: Monday, January 11, 2010 10:56 am

The Messenger 01.11.10
The board of directors of First Citizens Bancshares Inc. recently approved a special dividend to shareholders in the amount of 30 cents per share on the common stock of the company.
The special dividend, combined with four quarterly dividends paid during 2009, results in a total shareholder dividend payout of $1.04 per share.
“We are pleased that operating results for 2009 are sufficient to warrant a special dividend to our shareholders,” president and CEO Jeff Agee said. “Early in first quarter, several defensive measures were implemented to protect the capital position of First Citizens in the face of a challenging economic environment. A part of that strategy was a reduction in shareholder dividends. I am pleased to report that results of action plans implemented over the past 12 months produced positive earnings results, making the special dividend possible.
“Growth in 2009 has been strategically steady and capital and liquidity positions are much improved. Earnings, challenged by an increased provision for loan losses, additional expense incurred in managing a higher level of other real estate and escalating premiums on FDIC insurance proved sufficient to produce a return on equity in excess of 10 percent. This compares to average returns produced by peer group banks of minus 16 percent.”
First Citizens Bancshares Inc. is the parent company of First Citizens National Bank.

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