An Update On Little Bank

I first wrote about the small bank called Little bank Inc (OTC: LTLB) in Nov, 2011. This is a quick update on that article.

After strong performance since 2011, the stock split in the ratio of 21:20 on Nov 11, 2013. On Friday it closed at $11.25.  Currently the bank has a market capitalization of $33.0 million.

From the bank’s website:

the little bank was founded by a group of prominent Eastern North Carolina businessmen in November of 1998. The Bank’s guiding principal is that old fashion personal service is as valuable today as it was 100 years ago.

Today, the little bank has six branches in Kinston , LaGrange, Goldsboro , Jacksonville, New Bern and Greenville .

The bank announced solid earnings for 3Q, 2013. In addition to the 5% stock dividend noted above Little bank also increased its cash dividend. From the news release:

The Company’s Board of Directors has authorized the issuance of a 5% stock dividend to shareholders.The 5% stock dividend will be payable November 29, 2013 to shareholders of record as of November 15, 2013.Cash-in-lieu will be paid on fractional shares based on the stock’s market value at the close of business on November 15, 2013.

The Board has also approved an increase in the semi-annual cash dividend, payable December 31, 2013 to shareholders of record as of the close of business on December 16, 2013.The amount payable is at the rate of $0.0750 per common share.

Disclosure: No Positions

 

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