Thomas F. Finn Jr., president and chief executive officer of Damariscotta Bankshares, Inc., the parent company of Damariscotta Bank & Trust Co., announces 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 13, and will be paid on April 1.
The company reported annual earnings for 2008 of $926,000, a decrease over the prior year’s results. Commenting on the year, Finn said, “The slowing economic trends of the past several months have lead to both the lowest level of interest rates we’ve seen in decades and a dramatic drop off in loan demand.
“While both of these conditions have impacted our operating results in 2008, our capital position remains strong at over 10 percent without any government assistance.”
He went on to say, “The bank has credit available and has not changed its long standing commitment to lend to its communities under the same philosophy upon which this bank is built.”
For further information contact Thomas F. Finn, Jr., president and chief executive officer, or Scott D. Conant, treasurer at 1-800-639-8381.
