Sunday, November 17th, 2019

NEIB increases quarterly cash dividend

Posted: Friday, November 1, 2019

The board of directors of Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the parent company of First Federal Savings Bank, is proud to announce the corporation has increased the cash dividend paid to shareholders for the 25th year in a row.

The cash dividend of $0.27 per common share represents a $0.02 per share or 8% increase over the company’s previous quarterly dividend. President and CEO Michael S. Zahn stated, “We are pleased to reward our shareholders with our 25th consecutive year of increasing our cash dividend.

Due to our continued strong financial performance and capital levels, the board of directors feels the dividend increase is warranted.” The dividend will be payable on November 21, 2019 to shareholders of record on November 7, 2019. This makes an annualized dividend yield of 2.6% based on a closing price of $41.50 per common share, which was the last reported trade on October 24, 2019.

The book value of NIDB’s stock was $34.28 per common share as of September 30, 2019 with 1,206,327 shares outstanding. The company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol “NIDB.” The web site address is www.firstfedindiana.bank.