S.Y. Bancorp, Inc. (NASDAQ:SYBT), parent company of Stock Yards Bank &
Trust Company, with offices in the Louisville, Indianapolis and
Cincinnati metropolitan markets, today announced that its Board of
Directors has voted to increase the Company's quarterly cash dividend 5%
to $0.21 per common share from the previous rate of $0.20 per common
share. The new rate will go into effect with the next payment on
December 31, 2013, to stockholders of record as of December 9, 2013.
Commenting on the announcement, David Heintzman, Chairman and Chief
Executive Officer, said, "We are pleased to again raise our quarterly
dividend to stockholders, which marks the fourth such increase in the
past three years and represents a cumulative increase in our dividend
payments of almost 24% during that time. We also are pleased to note
that, because of the Company's strong capital position and earnings
growth, S.Y. Bancorp has never reduced or suspended dividend payments
since cash dividend payments were first initiated."
Separately, and as previously announced, the Company intends to redeem
the 10% fixed-rate cumulative trust preferred securities issued by S.Y.
Bancorp Capital Trust II on December 31, 2013. In connection with the
redemption, security holders will receive the final normal quarterly
distribution of $0.25 on each $10 preferred security owned.
Louisville, Kentucky-based S.Y. Bancorp, Inc., with $2.29 billion in
assets, was incorporated in 1988 as a bank holding company. It is the
parent company of Stock Yards Bank & Trust Company, which was
established in 1904. The Company's common shares trade on the NASDAQ
Global Select Market under the symbol SYBT.
Copyright Business Wire 2013