John Lancaster, chairman of the board and chief executive officer of First Freedom Bancshares Inc., recently announced the board of directors has approved a 30-cent-per-share dividend payable to shareholders of record on April 28, with a payment date of May 19.
This represents a 20-percent increase over the 2016 dividend and is reflective of the excellent year the bank experienced in 2016, Lancaster said.
"We are extremely pleased to be able to reward our shareholders with this fifth consecutive dividend," he said. "The bank is growing and performing very well, and it is deserving and appropriate that we share this success with our shareholders."
In 2016, First Freedom acquired two additional offices in Putnam County and one in Jackson County. These acquisitions, along with internal growth, fueled asset growth of 29.7 percent year over year. Additionally, 2017 first quarter net income is up 36 percent over the same period in 2016.
For shareholders who wish to reinvest their dividend into additional shares of First Freedom Bancshares stock, the company has a Dividend Reinvestment Plan (DRIP) available. Due to SEC restrictions, this plan is available only to shareholders residing in the state of Tennessee. A complete copy of the DRIP is available at www.firstfreedombank.com under the shareholder information tab. This is a one-time enrollment for current, as well as any future dividends; however, participation may be canceled at any time.