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Redwood Capital Bancorp ups dividend

Redwood Capital Bancorp declared a quarterly cash dividend of 7 cents per share, up from the previous payout of 6.5 cents per share.

The dividend will be distributed May 15 to the Eureka, Calif.-based company's shareholders of record at the close of business April 30.

The company's first-quarter net income increased year over year to $957,000, or 50 cents per share, from $683,000, or 36 cents per share.