Monarch bank parent announces dividend

By Christopher Dinsmore
The Virginian-Pilot
© October 26, 2010

Monarch Financial Holdings Inc. announced Monday that it would pay a common stock dividend of 7 cents a share, its second dividend ever.

The Chesapeake-based parent of Monarch Bank will pay the cash dividend on Nov. 30 to holders of its common stock as of Nov. 10.

"While so many banks are cutting or eliminating cash dividends, we are continuing our semi-annual cash dividends due to our continued strong financial performance," said Monarch Financial CEO Brad E. Schwartz.

Shares of Monarch Financial fell 71 cents in trading Monday to close at $7.86 each. The company is expected to announce third-quarter earnings on Wednesday.

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Posted to: Banking Business

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