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BIRMINGHAM, AL – First US Bancshares, Inc. (NASDAQ:FUSB), a profitable regional bank with a market capitalization of $73 million and a price-to-book ratio of 0.74, announced today that long-serving board member John C. Gordon will resign from his position effective January 31, 2025. Mr. Gordon’s departure, after a tenure beginning in 1997, is not due to any disagreements with the company’s operations, policies, or procedures, according to the statement. The company expressed gratitude for his many years of positive contributions.According to InvestingPro data, First US Bancshares has demonstrated strong shareholder commitment with 11 consecutive years of dividend maintenance.
In a concurrent move, the Board of Directors has adopted an amendment to the company’s bylaws regarding the mandatory retirement age for non-employee directors. As of January 29, 2025, the board may now vote annually to waive the retirement age that previously mandated directors retire after reaching the age of seventy-five.
These corporate governance updates come as First US Bancshares continues to adapt its leadership structure. The changes to the bylaws could potentially allow for greater continuity and experience within the board by providing the flexibility to retain long-standing directors beyond the former age limit.
The amendment to the bylaws and other details of the corporate changes are filed with the Securities and Exchange Commission and can be found in the company’s Form 8-K filing.
This news is based on a press release statement and reflects the latest governance adjustments within First US Bancshares, a company with a significant presence in the state commercial banks sector. The implications of these changes for the company’s future and its stakeholders will unfold over the coming months.
In other recent news, First US Bancshares has made noteworthy strides in its financial dealings. The company reported a 40% increase in its cash dividend, elevating it to $0.07 per share from the prior $0.05. This dividend hike marks the forty-second consecutive quarter of dividends to shareholders. The company also expanded its share repurchase program, with the Board of Directors authorizing the repurchase of an additional 600,000 shares, extending the program’s expiration to December 31, 2025.
In leadership developments, Robert C. Field joined the Board of Directors and its subsidiary, First US Bank’s board, bringing over 35 years of diverse sector experience. Field also joined the Audit Committee and the Asset/Liability Committee. These are the latest developments in First US Bancshares’ ongoing commitment to strategic growth and its shareholders.
Please note that these are recent developments and are subject to change based on various factors, including financial performance and market conditions. Always refer to the company’s SEC filings for more detailed information.
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