Premier Financial Bancorp Inc. President and CEO Robert Walker said that the company's shareholders will effectively receive a higher cash dividend following a stock split.
The Huntington, W. Va.-based company's board declared a 5-for-4 stock split, payable June 8 to shareholders of record June 4. Any resulting fractions will be paid in cash at $21.23 per whole share.
The board also declared a cash dividend of 15 cents per share, unchanged from the previous quarter. Since this dividend is payable June 29 to shareholders of record June 15, shareholders will also receive the dividends on the additional shares from the stock split. This will effectively increase the cash dividend by 25%, Walker said.
