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 increased the Company's quarterly cash dividend $0.02 or
10% to $0.23 per common share. The new rate will go into effect with the
next payment on April 2, 2018, to stockholders of record as of March 19,
2018.
Commenting on the announcement, David Heintzman, Chairman and Chief
Executive Officer, said, "It is with great pleasure that I announce
another significant increase in our cash dividends to stockholders. This
increase reflects the continued strength of our operations and capital
position, as well as an outlook for lower taxes as a result of the Tax
Cuts and Jobs Act signed by President Trump on December 22, 2017. We are
delighted that our stockholders can benefit directly from anticipated
tax savings as we strive to grow our dividend prudently and predictably
while, at the same time, we work to remain positioned to respond to new
developments in the economy and maintain our agility to capitalize on
growth opportunities that arise in the future." Heintzman noted that
Stock Yards Bancorp has now raised its quarterly dividend rate a total
of 10 times since the beginning of 2013, including two increases during
each of the past four years, resulting in a cumulative increase of 73%
over a five-year period.
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.2 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. For more information about
Stock Yards Bancorp, visit the Company's website at www.syb.com.
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Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive
Vice President and
Chief Financial Officer
Source: Stock Yards Bancorp, Inc.