Scott D. Conant, president and chief executive officer of Damariscotta Bankshares Inc., the parent company of Damariscotta Bank & Trust Co., announced that the company has declared an annual cash dividend of $0.40 per share on the company’s common stock. The cash dividend will be payable to all shareholders of record as of March 20 and will be paid on April 3.
The company reported annual earnings for last year of $657,000, a level representing a five percent increase over the prior year. Commenting on the year, Conant said, “I am happy to report our fifth consecutive year with an annual earnings increase.” He went on to state that “2016 represented a strong year of growth for the bank. Total assets increased during the year by $14.4 million or eight percent. Total loans and total deposits grew at annual rates we’ve not experienced in many years.” Conant attributed the growth to strong demand for services fueled by a pickup in the local economies served.
Beyond the good financial news reported for 2016, the bank was very pleased with other accomplishments achieved during the year. New services were made available to customers for the first time including mobile banking, remote deposit capture, and bounce protection. The bank was honored to be recognized as one of the Best Places to Work in Maine in 2016.
The company’s subsidiary, Damariscotta Bank & Trust, is headquartered in Damariscotta. Damariscotta Bank & Trust provides loan and deposit services to consumer and commercial customers through its six branches located in the Midcoast Maine region and is known for its local ownership and decision-making. For further information, contact Conant at 1-800-639-8381.
