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LONG BEACH, Calif. - Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) has announced that its board of directors approved a regular quarterly cash dividend of $28 per share on the Bank's common stock. The dividend is scheduled to be paid on September 30, 2024, to shareholders who are on record as of September 13, 2024.
This latest dividend marks the 528th consecutive payment to shareholders since 1916, a streak that underscores the institution's long-standing commitment to providing consistent returns to its investors. Notably, the value of Farmers & Merchants Bank's quarterly dividend has not diminished over time, indicating a stable financial reward for its shareholders.
Farmers & Merchants Bank, a fixture in the Long Beach community since its establishment in 1907 by C.J. Walker, operates 27 branches across Southern California. The Bank caters to a diverse clientele, offering a range of services including commercial and small business banking, business loan programs, home loans, and consumer retail banking products like checking, savings, and youth accounts.
As a state-chartered bank in California, Farmers & Merchants Bank is insured by the Federal Deposit Insurance Corporation (FDIC) and is an Equal Housing Lender. This announcement is based on a press release statement from the Bank.
In other recent news, Farmers & Merchants Bank of Long Beach announced the appointment of Richard H. Taketa to its board of directors. Taketa, President of Taketa Capital Corporation, brings significant experience in finance, operations, and risk management. The bank also announced a regular quarterly cash dividend of $28 per share on the bank’s common stock, marking the 527th consecutive payment by the bank, a tradition dating back to 1916. These recent developments highlight the bank's ongoing commitment to its shareholders and its strategic growth. Furthermore, the bank continues to operate its 27 branches across the region, offering a range of services. The bank's robust digital presence through its online and mobile banking platforms is also noteworthy. These facts are based on recent press release statements from Farmers & Merchants Bank.
InvestingPro Insights
Farmers & Merchants Bank of Long Beach (FMBL) continues to demonstrate a robust commitment to its shareholders, as evidenced by the recent announcement of its 528th consecutive dividend payment. This consistency in returning value to shareholders is further bolstered by the Bank's ability to maintain dividend payments for an impressive 23 years. An InvestingPro Tip highlights this achievement, underscoring the Bank's stability and reliability when it comes to rewarding its investors.
In terms of financial health, FMBL has shown profitability over the last twelve months, which is a reassuring sign for potential and current investors. This profitability is reflected in the Bank's P/E Ratio, which stands at a reasonable 11.31, based on the latest InvestingPro Data. Additionally, the Bank's commitment to shareholder returns is evidenced by a healthy dividend yield of 3.07%, making it an attractive option for income-focused investors.
While the Bank has experienced a revenue decline of -10.05% over the last twelve months, it's important to note that FMBL's Price/Book ratio is currently at 0.46, suggesting that the Bank's stock might be undervalued compared to its book value—a potentially enticing factor for value investors. For those interested in further analysis and metrics, InvestingPro offers additional tips on FMBL, which can be found at https://www.investing.com/pro/FMBL.
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