Business
Delhi Bank Corp. Announces Year-end Earnings & Increases Quarterly Cash Dividend by 20%
Delhi Bank Corp. Announces Year-end Earnings & Increases Quarterly Cash Dividend by 20%.
About this update from Delhi Bank Corp.
[{"type":"text","content":"DELHI, N.Y., March 14, 2003 - Delhi Bank Corp. (PINKSHEETS: DWNX.PK), the holding company for The Delaware National Bank of Delhi, reported net income for the year ended December 31, 2002 of $1.40 million, an increase of $343,025 or 33% from net income of $1.05 million reported for the year ended December 31, 2001.\r\n\r\nThe Delhi Bank Corp. Board of Directors declared a first quarter 2003 cash dividend of $0.12 per share at a meeting held on March 13, 2003. This quarterly cash dividend represents a 20% increase over the $0.10 per share declared for the same period in 2002. The dividend will be paid on or about April 15, 2003 to shareholders of record as of the close of business on March 31, 2003. \r\n\r\nVelma J. Clark, Chairman of Delhi Bank Corp. since 1994 retired from her position effective January 1, 2003. President and CEO, Timothy C. Townsend, has been named as Chairman of the Board. President Townsend, in his 2002 annual message to shareholders stated, \"Serving as a director beginning in 1974 and our Chairman since 1994, Velma J. Clark has been an inspiration to us all. I can't begin to put into words what she has meant to our Bank. Her leadership, guidance and sense of ethics have given us tremendous foresight and focus. It goes without saying that she will be missed. We all wish Velma the best of retirements and a happy, healthy future.\" \r\n\r\nThe Annual Meeting of Shareholders of Delhi Bank Corp. will be held on April 17, 2003 at 1:00 p.m. at the offices of The Delaware National Bank of Delhi, Delhi, New York. \r\nOnly shareholders of record on the close of the record date, March 14, 2003, are entitled to notice and to vote at the Meeting.\r\n\r\nDelhi Bank Corp. is a New York Chartered bank holding company headquartered in Delhi, New York. As of December 31, 2002, Delhi Bank Corp. had assets of $132.9 million and Stockholders' equity of $13.8 million.\r\n\r\nCONTACT: \tDelhi Bank Corp.\r\n\tRobert W. Armstrong, Treasurer (607) 746-0740\r\n","length":1962,"tagName":"div"}]