trending Market Intelligence /marketintelligence/en/news-insights/trending/9xtOTApkek4vR_mQU3maKg2 content esgSubNav
In This List

GrandSouth suspends quarterly cash dividend

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


GrandSouth suspends quarterly cash dividend

GrandSouth Bancorp. decided to suspend the Greenville, S.C.-based company's quarterly cash dividend.

President and CEO James Schwiers said Nov. 29 that the company's need for capital to grow coupled with lower earnings have contributed to the decision.

The CEO noted the company's entrance into the three markets of Orangeburg, Columbia and Charleston.

"The company's expansion strategy toward becoming a statewide bank is well underway. Our expansion, unfortunately, has negatively affected the earnings of the company over the last several quarters," Schwiers said. "Management believes that the investment needed to expand into these new markets with the great teams in place is a decision that will pay many dividends into the future."

The company paid a dividend of 10 cents per share Sept. 8, SNL data shows.

GrandSouth said that net income available to common shareholders for the quarter ended Sept. 30 was $425,000, or 9 cents per share, compared to the year-ago period's $97,000, or 2 cents per share.

Schwiers said that while third-quarter earnings have improved year over year, earnings are not at the level of previous years.