Progress Financial Corporation, the parent company of Progress Bank
, today announced that its Board of Directors has declared a special one-time cash dividend of $0.21 per share. Approved at the January Board Meeting, the dividend will be payable on Feb. 4, 2021, for shareholders of record on Jan. 29, 2021.
“We are pleased with the performance of the bank, especially given the difficult operating environment that all businesses are navigating. The Board’s approval of an increase in the annual dividend confirms our confidence in the outlook for the bank in 2021 and beyond,” said Chairman of the Board of Directors Charlie Vaughn.
“All 219 associates at Progress Bank made a significant contribution to the financial success of the bank in 2020. I’m proud of the way everyone met the challenges we faced and I’m especially proud of how we kept clients’ needs at the top of our priority list,” said David Nast, President and CEO.
Progress Bank was opened in February of 2008 and has grown to more than $1.5 billion in total assets. The bank has 11 banking offices in Alabama and Florida. Progress also operates mortgage and financial services divisions that create a full-service banking experience for its clients.