Tri-State 1st Banc Declares Fourth Quarter Dividend
November 24, 2008
East Liverpool, OH. - The Board of Directors of Tri-State 1st Banc Inc declared a dividend in the amount of $.11 per share on both its Preferred Series A stock and the Common stock for the fourth quarter of 2008. Tri-State 1st Banc Inc (NASDAQ.BB symbol "TSOH") is the parent company of three subsidiaries: 1st National Community Bank, Gateminder Corporation and MDH Investment Management Inc. The fourth quarter dividend is an increase of $.01 per share from the fourth quarter of 2007.
The dividend was declared at a meeting of the Board on November 21, 2008. It will be paid on December 22th, 2008 to shareholders of record on December 1, 2008. Total dividends paid for all four Quarters of 2008 total $.44 per share for the Preferred Stock and $.44 per share for the Common Stock. This represents an increase of $.04 per share or 10% on common stock for the full year 2008. The company had paid dividends to its common stock shareholders of $.40 per share in 2007. Dividends have been paid to shareholders every year since 1990.
Charles B. Lang, President of Tri-State 1st Banc Inc., stated: "I am pleased that the Board of Directors made the decision to increase dividend to our shareholders this year. These are unusual times and the Board's action is certainly justified based upon the success that the company has enjoyed in 2008. It was the support, investment and confidence by the original stockholders many of whom are still invested in the company that made it possible for the company to begin offering back in 1987 our own distinctive style of high quality, personal financial services to customers throughout the tri-state area."
1st National Community Bank reported that its earnings for the first three Quarters of 2008 ended September 30, 2008 were $340,614. This is an increase of $23,304 from $317,274 for the same nine months period in 2007 and represents a 7.4% improvement over the prior year. An improved Net Interest Margin in 2008 accounted for most of the $49,749 or 12.1% increase in income before incomes taxes for the bank compared to the first nine months of 2007. On September 30, 2008, total assets of the bank were $119,802,000 compared to $103,114,000 on September 30, 2007. This $16,688,000 increase in assets is 16.2% higher on a year-to-year basis.
Tri-State 1st Banc also experienced an increase in assets for the first nine months of 2008 from $104,317,000 to $121,198,000. This is a $16,881,000 or 16.2% increase on a year-to-year basis. Company earnings for the nine months ended September 30, 2008 were $321,758. This is $14,228 or 4.2% below the same nine month period in 2007 and a decline in total interest income accounted for this decline in earnings..
Stephen R. Sant, who assumed the presidency of 1st National Community Bank in August of 2008, stated: "At a time when so many banks are reporting losses or significant declines in earnings, we are extremely pleased with the performance of 1st National Community Bank. We are especially proud of the significant increase in our assets. It shows the trust and confidence that our customers have in the Bank and their appreciation for the friendly, professional service our employees give each customers."
1st National Community Bank now operates four banking offices in Columbiana County, Ohio in Lisbon, Calcutta, East Liverpool and the Operation Center on St. Clair Avenue. The Calcutta office has recently undergone extensive renovations. There is also a 1st Bank office in New Cumberland, West Virginia and one in Midland, Pennsylvania. A unique service for community banks, 1st Bank offers a full array of personal trust services through its Trust Department. The Bank maintains 12 conveniently located ATM sites at its offices and at off-site locations around the tri-state area including ATMs at four grocery stores and three family convenience stores. Customers of the Bank have use of all these ATMs without having to pay a service charge.
The Office of the Comptroller of the Currency chartered 1st National Community Bank on June 1, 1987 as a national banking association. The holding company was created in 1996
For more information please contact:
Charles B. Lang, President
Tri-State 1st Banc, Inc
16924 St. Clair Avenue
East Liverpool, OH., 43920
Phone: (330) 385-9200
FAX: (330) 386-7452