United Bancorp, Inc. Declares First Quarter Cash Dividend Payable on March 20, 2014; Announces Management Changes
February 13, 2014 at 11:00 am EST
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On February 12, 2014 the Board of Directors of United Bancorp Inc. (UBCP) declared the first quarter dividend payment of $0.08 per share for shareholders of record on March 10, 2014 with a payment date of March 20, 2014. This cash dividend amount of $0.08 per share equals the amount paid last quarter and will result in a projected total per share cash dividend for 2014 of $0.32 compared to $0.29 paid in 2013, an increase of 10.3%. This payment projects a current yield of 3.7% based on the present market price of the stock.
At the conclusion of the upcoming Annual Meeting of United Bancorp Inc. Shareholders on April 16, 2014, Chairman and Chief Executive Officer James W. Everson will be stepping down from his board positions at United Bancorp Inc. and The Citizens Savings Bank, pursuant to mandatory board retirement policies. He also will be retiring from his officer positions at both companies ending a fifty-five year banking career that began with The Citizens Savings Bank as a student intern in 1959. At the Company's Reorganizational Meeting following the Annual Meeting of Shareholders, President Scott A. Everson will be appointed to the position of Chief Executive Officer of United Bancorp Inc. and Chairman, President and Chief Executive Officer at The Citizens Savings Bank. Director Richard L. Riesbeck will be appointed Chairman of the Board of United Bancorp Inc. and will continue his role as Lead Outside Director of The Citizens Savings Bank.
United Bancorp, Inc. is a bank holding company. The Company has one wholly owned subsidiary bank, Unified Bank, Martins Ferry, Ohio (the Bank). The Bank serves customers in northeastern, eastern, southeastern and south-central Ohio and the Northern panhandle of West Virginia and is engaged in the business of commercial and retail banking in Belmont, Harrison, Jefferson, Tuscarawas, Carroll, Athens, Hocking, and Fairfield counties and the surrounding localities. The bank also operates in Marshall County West Virginia. The Bank provides a range of banking and financial services, which includes accepting demand, savings and time deposits and granting commercial, real estate and consumer loans. The Bank's loan portfolio includes commercial loans, commercial real estate loans, residential real estate loans and installment loans. The Bank conducts its business through its main office and standalone operations center in Martins Ferry, Ohio and about 18 branches located in the counties.