PALOS VERDES ESTATES, Calif., May 26, 2023 (GLOBE NEWSWIRE) — Malaga Financial Corporation (OTCPink:MLGF) announced today the declaration of a cash dividend in the amount of 25 cents per share to shareholders of record on June 23, 2023. This dividend represents a 4.35% annualized yield based on our most recent closing price of $23.00. The dividend will be paid out on or about July 3, 2023. Randy C. Bowers, Chairman, President and CEO, remarked, “In spite of recent turmoil in the economy and banking industry, we are pleased that our continued strong earnings and the strength of our balance sheet position us to declare this 25-cent quarterly dividend. We appreciate the efforts of our colleagues and the opportunity to continue to reward our shareholders for their investment.”
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. Malaga Bank has been awarded an A+ financial health rating by DepositAccounts.com. A more detailed breakdown of Malaga Bank’s A+ health score may be found in the health section of its dedicated page at www.depositaccounts.com/banks/malaga-bank-fsb.html#health. For over ten years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 62nd consecutive quarter as of March 2023. Since 1985, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.
Chairman, President, and Chief Executive Officer
Malaga Financial Corporation
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