COMMUNITY FIRST BANCORPORATION ANNOUNCES SPECIAL CASH DIVIDEND

SENECA, S.C., Feb. 15, 2022 /PRNewswire/ -- Community First Bancorporation, Inc. ("Community First", or "the Company") (OTC:CFOK), parent company for Community First Bank, Inc. and SeaTrust Mortgage Company, announced that its Board of Directors declared its first cash dividend of $0.10 per share to common shareholders of record as of March 16, 2022. The special dividend is payable March 23, 2022.

This is the first cash dividend on common shares declared by the Board of Directors of Community First. Previously the Company had only distributed stock dividends on common shares, the last of which was paid in 2011, and dividends on preferred shares.

Richard D. Burleson, Jr., President and CEO of Community First commented, "2021 was a highly successful year for our Company. Our shareholders have been patient as we navigated past the Great Recession, built our Company back to strength, and then navigated the Pandemic. We are excited about the future and delighted to distribute a portion of the earnings to our shareholders."

Community First Bank, Inc., with assets of approximately $667 million, operates 12 full-service financial centers in North and South Carolina and Tennessee, with two each in Seneca and Anderson and single locations in Greenville, Williamston, Walhalla and Westminster, South Carolina, locations in Dallas and Charlotte, North Carolina, and two locations in Elizabethton, Tennessee. The Company operates loan production offices in Waynesville, North Carolina and Kingsport, Tennessee. In addition, its SeaTrust Mortgage subsidiary operates offices in North Carolina, South Carolina, Florida, and Tennessee.

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SOURCE Community First Bank