VIB Corp. (Nasdaq: VIBC), parent company of Valley Independent Bank, Bank of Stockdale and Kings River State Bank, announced that its board of directors has declared a 3 percent stock dividend to be paid Jan. 14, to shareholders of record on Dec. 26.
Following the stock dividend, VIB Corp. will have about 13 million shares issued and outstanding.
"Issuing a stock dividend is an excellent way for us to share our ongoing success with our stockholders," said Dennis Kern, VIB president and chief executive officer.
Last month VIB Corp. reported third-quarter income of $2.2 million, or 18 cents per diluted share. Total assets increased 7 percent to 1.2 billion, net loans grew 6 percent to $836 million and deposits rose 5 percent to $891 million compared to levels a year ago.
VIB Corp. (www.vibcorp.com) is a bank holding company providing financial services in California and Nevada.
Valley Independent Bank is headquartered in El Centro and has 17 branches in Imperial, Riverside and San Diego counties, Fresno and Las Vegas as well as business loan centers in California and Nevada.