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Chad R. Payton has resigned from the board of directors of Isabella Bank Corp (NASDAQ:ISBA), a $235 million market cap financial institution, as well as from the board of its subsidiary, Isabella Bank, effective Monday. The bank’s stock has gained over 83% in the past year, though it recently experienced a 9.45% decline over the past week. According to InvestingPro analysis, the stock appears undervalued at current levels. According to a statement in a press release based on a Securities and Exchange Commission filing, Mr. Payton notified the board of his decision on June 25. His resignation includes all committees of the board on which he served. The company, which has maintained dividend payments for 18 consecutive years, is scheduled to report its next earnings on July 18.
The company stated that Mr. Payton’s resignation was not due to any disagreements with Isabella Bank Corp or its board.
Isabella Bank Corp is based in Mt. Pleasant, Michigan, and its common stock is listed on the Nasdaq Stock Market. The announcement was disclosed in a regulatory filing signed by Chief Financial Officer William M. Schaefer.
In other recent news, Isabella Bank Corporation has announced a cash dividend of $0.28 per common share for the second quarter of 2025. This dividend will be payable on June 30 to shareholders of record as of June 26. Additionally, the company has expanded its share repurchase program by 500,000 shares, bringing the total capacity to 538,448 shares. The repurchase initiative, active since 2007, will continue based on various market and company conditions. In another development, Isabella Bank Corporation is pursuing a listing on the Nasdaq Capital Market, aiming to enhance shareholder value and improve its financial profile. CEO Jerome Schwind highlighted potential benefits such as better access to capital and increased trading volume. The uplisting process is contingent upon Nasdaq’s approval and meeting all regulatory criteria. The company plans to announce a target date for the listing upon approval, potentially by the end of April 2025.
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