Stock Yards 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
$0.01 or approximately 5% to $0.23 per common share. The new rate will
go into effect with the next payment on December 31, 2014, to
stockholders of record as of December 15, 2014. This represents the
second time the Company has raised its dividend this year, reflecting a
cumulative increase of approximately 10% in the dividend rate.
Commenting on the announcement, David Heintzman, Chairman and Chief
Executive Officer, said, "We are pleased that Stock Yards Bank's strong
operating performance has allowed us to again raise our quarterly
dividend to stockholders, as part of our efforts to steadily increase
our cash payments to stockholders and maximize returns for our
investors. With this increase, the second such this year and the sixth
over the past four years, our dividend payments have increased more than
35% cumulatively since November 2010. Because of the Company's strong
capital position and earnings growth, Stock Yards Bancorp has never
reduced or suspended dividend payments since cash dividend payments were
first initiated."
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $2.41 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.
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