Valley Commerce Bancorp, the Visalia-based parent company of Valley Business Bank, will pay its shareholders a cash dividend of 10 cents per share in June and begin a repurchase of company stock.
The dividend, which will be paid on June 29 to shareholders who own stock as of June 5, is an increase from the 8-cent-per-share dividend that was paid in the first quarter of 2015. The payout on the dividends is expected to amount to about $291,000.
The stock repurchase program authorized by the company’s board on Tuesday will buy back up to $3 million worth of shares, either on the open market or through privately negotiated purchases over the coming year.
Valley Commerce Bancorp stock is traded on the OTCQB over-the-counter bulletin board under the symbol VCBP. The stock’s price at Wednesday’s close was $15.70 per share, unchanged from Tuesday’s close with no shares traded Wednesday.