Eureka, Calif.-based Redwood Capital Bancorp's board increased the company's quarterly cash dividend to 6.5 cents per share, up from the previous quarter's dividend of 6 cents per share.

The dividend is payable Aug. 3 to shareholders of record as of Aug. 14, according to a press release.

President and CEO John Dalby also announced that they are planning to open a fourth branch located in Henderson Center, Eureka in California. "Plans and permits are in process and we anticipate the branch opening in the first half of 2018," he said.

Redwood Capital Bank's parent reported second-quarter net income of $665,000, or 35 cents per share, compared to $718,000, or 38 cents per share, a year ago.