June 20--A month after going public on the Nasdaq, Birmingham-based ServisFirst Bank has announced a stock split and a second quarter cash dividend for shareholders.
The pre-split quarterly cash dividend of 15 cents per share will be payable on July 15. The board of directors for ServisFirst Bancshares, the bank's parent company, also declared a three-for-one common stock split in the form of a stock dividend. Stockholders of record on July 9 will get two extra shares for every share they own.
That takes the total shares of common stock from 8.2 million to about 24.5 million.
The stock has rebounded since it hit the Nasdaq last month. The bank set an initial price of $91 per share, and it briefly surged higher before dropping below $80. The stock was trading at $88.53 per share Thursday afternoon.
Chief Financial Officer Bud Foshee said last month that the company wasn't discouraged by the initial drop.
"If we start focusing on our stock price, we're not going to do what we should be doing," Foshee said.
Top executives from the Alabama, Florida and Tennessee bank will celebrate the end of a whirlwind month by ringing the closing bell at the Nasdaq on Thursday. Montgomery area president Carl Barker will join ServisFirst President and CEO Tom Broughton and others on that trip.
The next day, June 27, the bank will join the Russell 3000 Index, which annually captures and ranks the 4,000 largest U.S. stocks.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for investment strategies. About $5.2 trillion in assets are benchmarked to the Russell Indexes.
ServisFirst Bancshares trades under the symbol "SFBS."
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