Heritage Financial Corp. announced today that it will pay a special, onetime 25-cent dividend on Dec. 9 to all shareholders of record as of the close of business on Nov. 28.
Heritage President and Chief Executive Brian Vance said the company is able to pay the dividend because its capital base continues to grow. "This special dividend is one facet of managing capital as well as rewarding our shareholders," he said in a statement.
Heritage Financial Corp. also announced last month that it will pay a regular five-cent dividend on Nov. 23 to shareholders of record as of Nov. 10.
Including the special dividend, it is the fourth consecutive cash dividend since the company reinstated it at the beginning of the year. The regular dividend started at three cents, then was increased to five cents. Heritage had halted the cash dividend payment to control expenses following the economic meltdown in fall 2008.
Heritage Financial has about 15.5 million shares outstanding. A cash dividend payment of 25 cents a share will cost the company about $3.87 million.
