Lakestone Bank & Trust declares stock dividend
LAPEER — The Board of Directors of County Bank Corp (OTC: CBNC), the holding company of Lakestone Bank & Trust, on Wednesday reported a first quarter cash dividend of $0.29 per share. The dividend is payable March 31, 2017, to shareholders of record as of March 17, 2017.
Lakestone Bank & Trust was formed by the merger of Lapeer County Bank &Trust (LCBT) and CSB Bank that was announced last February in a story exclusive to The County Press. In September, the holding company for CSB Bank, Capac Bancorp, Inc., was merged into LCBT’s holding company, County Bank Corp. The bank announced the new Lakestone Bank & Trust name and logo at that time. Both banks continued to operate under their own names until December when banking operations were merged and the new name and logo we placed at Lakestone’s 14 locations in Lapeer, St Clair and Macomb counties.
LCBT president and CEO Bruce Cady was named chairman and CEO of Lakestone Bank & Trust. CSB Bank president and CEO Michael Burke Jr. was named Lakestone’s president. The bank is headquartered in downtown Lapeer.
In the bank’s dividend announcement, Cady said, “The 2017 profit plan has been finalized and earnings have reached expectations for the few months of combined operations. We’re confident the financial performance of the Bank will improve throughout the year and both the Bank and Corporation will reach their respective financial goals.”
The March 31 dividend payment will be the sixteenth consecutive quarter for which shareholders have received a dividend.
In addition to dividends, owners of County Bank Corp stock have enjoyed a hefty increase in stock value since the merger was announced 13 months ago. The trading price of the bank’s stock was at $28.75 per share on February 19, 2016, one day after the merger was announced. This past Friday’s selling price was $37.49 per share, an increase of 30 percent. Since the merger was announced, the stock’s lowest daily trading price was $28.00 per share on April 1 of last year and the highest was $40.00 per share on January 30 of this year, according to data compiled at the Bloomberg.com website.
As of February 28, 2017, Lakestone’s corporate assets total $593 million, an increase of $9 million since 2016 year-end. Total deposits are $531 million and loans outstanding are $313 million. Net profit at the corporate level through February, 2017 is $901 thousand.
— Wes Smith