Malaga Financial Corporation (OTCPink:MLGF). Malaga Financial Corporation announced today that its Board of Directors had declared a special 5% stock dividend on the companys common stock outstanding, payable on or about December 28, 2018 to shareholders of record at the close of business on December 14, 2018. The dividend will be issued in the form of additional shares of common stock. Cash will be issued in lieu of fractional shares. Additionally, a quarterly cash dividend of 25 cents was declared payable to shareholders of record at the close of business on December 14, 2018 to be paid on or about January 2, 2019. Randy C. Bowers, President and CEO, remarked, We are pleased to declare a special year-end stock dividend in addition to our 58th consecutive quarterly dividend. This will result in total cash dividends paid in 2018 of $1.00 per share for a 3.54% annual yield based on a closing share price of $28.25 on November 16, 2018 in addition to the special stock dividend. This is the 7th consecutive year that we have declared a special year-end dividend along with the quarterly cash dividend.
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over ten years Malaga Bank has been consistently recommended by one of the nations leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded their premier Top 5-Star rating for the 43rd consecutive quarter in June 2018. Since 1985, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Banks web site is located at www.malagabank.com.
President and Chief Executive Officer