NORTH PENN BANCORP, INC. announces CASH Dividend increase

AND A SPECIAL CASH DIVIDEND

 

Scranton, Pennsylvania - North Penn Bancorp, Inc. (the “Company”) (OTCBB: NPBP), the holding company for North Penn Bank, has approved a 33% increase in the Company’s quarterly dividend on its outstanding common stock from $0.03 to $0.04 per share.  In addition, the Company approved a special cash dividend of $0.05 per share on its outstanding common stock.  Both the quarterly cash dividend and the special cash dividend will be payable on or about April 30, 2010 to shareholders of record as of the close of business on April 15, 2010.

 

“We believe this cash dividend increase and the payment of a special cash dividend, combined with our share repurchase program, reflects the strength of our business and of our ability to continue to deliver strong results,” said Frederick L. Hickman, President and Chief Executive Officer. “We are confident about our opportunities to grow our franchise while also delivering value to our shareholders.”

 

 

North Penn Bancorp, Inc. has five offices in Lackawanna and Monroe counties.  Its stock symbol is NPBP.OB.

 

 

Contact: Frederick L. Hickman, President and CEO

(570) 344-6113

 

This release contains “forward-looking statements” that are based on assumptions and may describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, regional and national economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in the real estate market values in the Company’s market area, the ability to operate new branch offices profitably, the ability to effectively and efficiently integrate acquisitions and changes in relevant accounting principles and guidelines. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended December 31, 2008, including the section entitled “Risk Factors,” and Quarterly Reports on Form 10-Q on file with the SEC. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.