Putnam Bank
PSB Holdings, the holding company for Putnam Bank, has declared a quarterly cash dividend of 7 cents per share of the company’s common stock. The dividend reflects an annual cash dividend rate of 28 cents per share.
The dividend will be payable to stockholders of record as of Jan. 4, 2008, and will be paid two weeks later. This is the 13th consecutive quarterly dividend since the company first paid a dividend in 2005.
“Our goal is to reward shareholders for their support and provide a reasonable return on their investment through this dividend,” said Thomas A. Borner, chairman and chief executive officer of PSB Holdings. “This dividend also underscores our board of directors’ confidence in Putnam Bank’s consistent performance and recognizes our steady earnings and minimal loan loss experience.”
The company is the majority-owned subsidiary of Putnam Bancorp, a federal mutual holding company, which owns 3.7 million of the company’s outstanding shares. Putnam Bancorp intends to waive the receipt of dividends paid on its shares of the company.
PSB Holdings, based in Putnam, is the parent company of Putnam Bank, a federally chartered stock bank founded in 1862.
BBN Plans First Dividend
Glastonbury-based Bankers’ Bank Northeast plans to distribute its first dividend to shareholders of record on Dec. 31.
The cash dividend of $6.67 per share will be paid to each of the 44 community banks that own the bank’s common stock. The distribution amounts to approximately 10 percent of the bank’s 2006 net income, after taxes.
“The payment of our first dividend is another milestone for Bankers’ Bank Northeast,” said Peter J. Sposito, president and chief executive officer, noting that the bank became profitable in 2001 three years after it was founded, and has grown its net income since then at a compound rate of 29 percent.
Bankers’ Bank Northeast employs a staff of 26 and is located at 300 Winding Brook Drive in Glastonbury.
ISGN, Cocamar Team Up
ISGN Technologies’ Construction Lending Solutions Division has signed an exclusive distribution and development agreement with Cocamar Inc., a Phoenix, Ariz.-based company that provides cost analysis and risk mitigation services and consulting to the construction lending industry.
“This agreement is a landmark for the industry,” said Bill Adamowski, group president, general partner and co-founder of ISGN. “With our industry-leading administration platform [The Construction Lender], the experience of our Construction Lending Solutions management team, our global resources and the addition of Cocamar’s service offerings, ISGN Construction Lending Solutions brings a unique and unparalleled package of outsourced services to construction lenders.”
Cocamar develops and delivers cost analysis and field service support to the construction industry. The company provides on-the-job oversight and risk analysis of construction projects.
ISGN Technologies is a global technology solutions company with a customer base of more than 400 lenders nationwide.
Citizens Unveils Energy Loan
Citizens Bank has unveiled the Energy Efficiency Loan, an unsecured home improvement loan that offers low- to moderate-income homeowners reduced rates on funds that they can use to weatherize their home in an effort to conserve energy and save money. The Energy Efficiency Loan is available year-round.
Examples of energy-efficient home improvements include adding insulation, installing storm windows and doors and upgrading a furnace or home-heating and cooling system to a more energy-efficient unit.
The borrower must own and occupy the home or condo where improvements are being made. The borrower’s income cannot exceed 80 percent of statewide median income or the home must be located in a Community Reinvestment Act-designated area. The fixed-rate, simple-interest loan is available from $1,000 to $10,000 and must be paid within 12 and 84 months of applying.
New London-based Citizens Bank of Connecticut is a $5 billion bank with 51 branches and 60 ATMs statewide.
