LONG BEACH, Calif. - Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) has declared a regular quarterly cash dividend of $28 per share on the bank’s common stock, consistent with its long-standing practice of rewarding its shareholders. The dividend is scheduled to be paid on June 28, 2024, to shareholders who are on record as of June 14, 2024.
This latest dividend marks the 527th consecutive payment by the bank, maintaining a tradition that dates back to 1916. Notably, the value of the bank’s quarterly dividend has not diminished over time, reflecting a consistent return to its investors.
Farmers & Merchants Bank, established in 1907 in Long Beach, California by C.J. Walker, operates 27 branches across the region, offering a range of services including commercial and small business banking, business loan programs, home loans, and various consumer retail banking products such as checking, savings, and youth accounts.
As a state-chartered bank in California, Farmers & Merchants Bank is backed by the Federal Deposit Insurance Corporation (FDIC) and is recognized as an Equal Housing Lender. The bank emphasizes personalized service and has developed a robust digital presence through its online and mobile banking platforms to complement its physical branches.
The announcement of the dividend payment is based on a press release statement from Farmers & Merchants Bank. Investors and customers can find more information about the bank and its services on its website.
InvestingPro Insights
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) continues to demonstrate its commitment to shareholder value with its recent dividend declaration. In alignment with this, InvestingPro provides further insights into the company's financial health and market performance.
FMBL's market capitalization stands at a robust $579.26 million USD, which is indicative of its substantial presence in the banking sector. The bank has also maintained a track record of profitability over the last twelve months, showcasing its ability to generate earnings amidst various market conditions.
From a valuation standpoint, FMBL's price-to-earnings (P/E) ratio is currently at 8.66, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 9.44. These figures suggest that the bank's shares are trading at a relatively reasonable multiple of its earnings. Moreover, the bank has a notable dividend yield of 3.25%, as of the latest data, which is a testament to its InvestingPro Tip of having maintained dividend payments for 23 consecutive years.
While FMBL does suffer from weak gross profit margins, the bank's long history of consistent dividend payments and its current dividend yield may appeal to income-focused investors. For those interested in deeper analysis and more InvestingPro Tips, there are additional tips available on InvestingPro's full suite of tools, which can be accessed with a special offer. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing investors with a comprehensive understanding of FMBL's financial landscape and investment potential.
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