November 2, 2010
On October 26, 2010, the Board of Directors of Lyons Bancorp, Inc., the parent of The Lyons National Bank, declared a special cash dividend of $.05 per share on the Company's common stock. Shareholders of record at the close of business on November 30, 2010 will be paid the dividend on December 29, 2010. The Board's action was based on the Bank's recent achievement of $500 million in assets and to reward its shareholders for their continued confidence and support in these current economic times.
On that date, the Board also declared a quarterly cash dividend on the Company's common stock of $.33 per share. Shareholders of record at the close of business on December 31, 2010 will be paid this dividend on January 15, 2011.
Including the special dividend, annualized dividends declared on the Company's common stock totaled $1.34 in 2010, a 14% increase over those declared in 2009. Based on its current market value, the yield on the Company's common stock is just under 4.00%.
LNB hit a new milestone---reporting $503.3 million in total assets. In addition, earnings for the first nine months of 2010 exceeded those reported during the same time period in 2009 by 14%. This growth is testament to the outstanding customer service provided by LNB's dedicated employees. According to President and CEO, Robert Schick, LNB's customers are also to thank for this tremendous achievement. "We could not have achieved this record level of assets without the trust and confidence our customers have placed in LNB," stated Schick.
Lyons Bancorp, Inc. is the holding company for The Lyons National Bank. The Lyons National Bank is a community bank with offices in Lyons, Clyde, Macedon, Newark, Ontario and Wolcott in Wayne County; Jordan in Onondaga County; Geneva in Ontario County, Penn Yan in Yates County and Seneca Falls/Waterloo in Seneca County. Subsidiaries of The Lyons National Bank are Lyons Realty Associates Corp. and LNB Life Agency, Inc. For more information please visit BankwithLNB.com