The parent company for Georgia Bank & Trust is reinstating its quarterly dividend payments, which were suspended during the recession.
Southeastern Bank Financial Corp.’s board of directors on Wednesday voted to offer again a 13-cent dividend each quarter for shareholders.
The next payment will be made May 17 for shareholders of record on May 6.
“After the economic downturn, we maintained a conservative and prudent approach to the accumulation and protection of additional capital to insulate our balance sheet and better position us for the long term. Given our steady growth and profitability over the past year, we now feel comfortable in returning the dividend to historical levels and rewarding our shareholders for their loyalty and support,” said R. Daniel Blanton, president and chief executive officer.
Dividend payments were suspended in the second quarter of 2009. The bank first started offering dividends in 2006.
Southeastern Financial has nine Augusta-area offices, as Georgia Bank & Trust, and three in Aiken County, operating as Southern Bank & Trust, and one limited-service loan production office in Athens, Ga.