Capital City Bank (CCBG) Announces Plans to Suspend Dividend Following Feds Rejection
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Capital City Bank Group, Inc. (Nasdaq: CCBG) announced today that its Board of Directors has suspended the common stock dividend.
As previously disclosed, the Company is required to seek approval from the Federal Reserve prior to declaring and paying any dividends on its common stock. As of today, Capital City Bank has not received approval from the Federal Reserve for payment of a fourth quarter dividend.
"Given the uncertainty over the dividend approval, the prolonged economic recession in Florida and Georgia, and our desire to preserve and protect our capital position, our Board of Directors has determined a suspension of the dividend is prudent at this time," said William G. Smith, Jr., Chairman, President and Chief Executive Officer of Capital City Bank Group. "The Board of Directors remains firmly committed to resuming dividend payments in the future and is focused on achieving long-term value for our shareowners."
As previously disclosed, the Company is required to seek approval from the Federal Reserve prior to declaring and paying any dividends on its common stock. As of today, Capital City Bank has not received approval from the Federal Reserve for payment of a fourth quarter dividend.
"Given the uncertainty over the dividend approval, the prolonged economic recession in Florida and Georgia, and our desire to preserve and protect our capital position, our Board of Directors has determined a suspension of the dividend is prudent at this time," said William G. Smith, Jr., Chairman, President and Chief Executive Officer of Capital City Bank Group. "The Board of Directors remains firmly committed to resuming dividend payments in the future and is focused on achieving long-term value for our shareowners."
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