LOUISVILLE, Ky.--(BUSINESS WIRE)--
Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards
Bank & Trust Company, with offices in the Louisville, Indianapolis and
Cincinnati metropolitan markets, today announced that its Board of
Directors has voted to increase the Company's quarterly cash dividend
$0.01 or 4% to $0.24 per common share. The new rate will go into effect
with the next payment on July 1, 2015, to stockholders of record as of
June 15, 2015. This represents the third time the Company has raised its
dividend over the past year, reflecting a cumulative increase of
approximately 14% in the dividend rate since May 2014.
Commenting on the announcement, David Heintzman, Chairman and Chief
Executive Officer, said, "In light of the Company's continued strong
operating performance and financial position, our Board of Directors has
again voted to increase the cash dividend to stockholders. A steadily
higher cash payout, on a regular and reliable basis, is an important
aspect of our ongoing efforts to maximize total returns for our
stockholders while we, at the same time, maintain strong capital for
growth and expansion. With today's announced increase, the seventh since
mid-2010, our dividend payments have increased more than 41%
cumulatively over the past five years. Importantly, because of our solid
capital base and earnings growth, we have never reduced or suspended our
dividends since they were first initiated."
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $2.51 billion
in assets, was incorporated in 1988 as a bank holding company. It is the
parent company of Stock Yards Bank & Trust Company, which was
established in 1904. The Company's common shares trade on the NASDAQ
Global Select Market under the symbol SYBT.
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Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive
Vice President,
Treasurer and Chief Financial Officer
Source: Stock Yards Bancorp, Inc.