MALVERN, PA — Meridian Corporation (Nasdaq: MRBK) announced that its Board of Directors has declared a special dividend of $1.00 per share on its Common Stock. This special dividend will be paid on March 15, 2021, to shareholders of record as of March 1, 2021.
Christopher J. Annas, Chairman and CEO stated, “Meridian’s 2020 earnings were equally strong at the bank and the mortgage division, with revenue of $149.6 million generating net income of $26.4 million in the aggregate. This resulted in diluted EPS growth of 162% and return on equity of 21%. We continue to increase core earnings through exceptional loan and deposit growth while adding diversification through ancillary business lines. Meridian Mortgage, Meridian Wealth Partners and Meridian SBA each had strong performance in 2020.”
Mr. Annas added, “We have always been judicious stewards of our capital. We believe returning capital to the ownership through both regular quarterly dividends, which we commenced in 2020, and special dividends, builds long-term shareholder value. The cyclically high performance of the mortgage business contributed to this decision. The Board set the level of the special dividend based on the Bank’s capital requirements, while keeping ample capital levels to support loan growth and other opportunities. Future regular and special dividends will be considered by the Board of Directors on a regular basis.”
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