{"id":391000,"date":"2020-12-01T13:24:20","date_gmt":"2020-12-01T18:24:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=391000"},"modified":"2020-12-01T13:24:20","modified_gmt":"2020-12-01T18:24:20","slug":"absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/","title":{"rendered":"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">ABSECON, N.J., Dec.  01, 2020  (GLOBE NEWSWIRE) &#8212; Absecon Bancorp (the \u201cCompany\u201d) (OTC, trading as ASCN), the bank holding company of First National Bank of Absecon, an Atlantic County New Jersey based community bank, announced today that its Board of Directors authorized a special cash dividend in the amount of\u00a0$3.00\u00a0per share, in addition to a regular annual cash dividend in the amount of\u00a0$2.00\u00a0per share.<\/p>\n<p align=\"justify\">\u201cGiven our strong balance sheet and projected financial performance, we believe it is appropriate to return capital in the form of a special cash dividend to our stockholders in addition to our annual cash dividend,\u201d said\u00a0C. Eric Gaupp, President and CEO of\u00a0Absecon Bancorp.\u00a0 \u201cThese dividends are consistent with our long-term capital management policies and our commitment to our stockholders.\u00a0 We will continue to prudently invest in our business, buyback our stock when it makes economic sense, and distribute the rewards of those investments to our stockholders over time.\u201d<\/p>\n<p align=\"justify\">As part of the capital management plan, today\u2019s announcement of a\u00a0$3.00\u00a0per share special dividend plus the $2.00 per share annual cash dividend represents $562,780 based on 112,556 shares outstanding as of\u00a0October 31, 2020. \u00a0 In addition, the Company plans to make investments in people, and technology to enhance the performance of our core banking business.\u00a0 Management will have flexibility to thoughtfully execute the plan and continue in the Company\u2019s tradition of maximizing shareholder value.<\/p>\n<p align=\"justify\">The special cash dividend of $3.00 per share is payable on\u00a0December 21, 2020 to stockholders of record holding shares of common stock at the close of business on\u00a0December 11, 2020. \u00a0The annual cash dividend of\u00a0$2.00\u00a0per share is payable on January 22, 2021 to stockholders of record holding shares of common stock at the close of business on December 31, 2020.\u00a0<\/p>\n<p align=\"justify\">The First National Bank of Absecon, a nationally chartered bank headquartered in Absecon, New Jersey, has a long history of serving the community since its establishment in 1916. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our primary market area in Atlantic County, New Jersey, maintaining offices in Absecon, Galloway Township, and Northfield, with our secondary markets consisting of portions of Burlington, Cape May, Cumberland, Gloucester and Ocean Counties. Deposits at The First National Bank of Absecon are insured up to the legally maximum amount by the Federal Deposit Insurance Corporation (FDIC).<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: left;vertical-align: middle;vertical-align: top\">Contact:\u00a0<\/td>\n<td style=\"max-width:90%;width:90%;min-width:90%;text-align: left;vertical-align: middle;vertical-align: top\">Eric Gaupp, President and Chief Executive Officer<br \/>106 New Jersey Avenue<br \/>PO Box 324<br \/>Absecon, NJ 08201<br \/>Office: 609-641-6300<br \/>email: <a href=\"mailto:egaupp@FNBAbsecon.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">egaupp@FNBAbsecon.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">This release may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. Absecon Bancorp does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.<\/p>\n<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDkwMiMzODQ5MTU2IzIyMDU1MjQ=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/8e2b3275-409e-446c-b865-70543eea071a\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ABSECON, N.J., Dec. 01, 2020 (GLOBE NEWSWIRE) &#8212; Absecon Bancorp (the \u201cCompany\u201d) (OTC, trading as ASCN), the bank holding company of First National Bank of Absecon, an Atlantic County New Jersey based community bank, announced today that its Board of Directors authorized a special cash dividend in the amount of\u00a0$3.00\u00a0per share, in addition to a regular annual cash dividend in the amount of\u00a0$2.00\u00a0per share. \u201cGiven our strong balance sheet and projected financial performance, we believe it is appropriate to return capital in the form of a special cash dividend to our stockholders in addition to our annual cash dividend,\u201d said\u00a0C. Eric Gaupp, President and CEO of\u00a0Absecon Bancorp.\u00a0 \u201cThese dividends are consistent with our long-term capital management policies and our commitment &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-391000","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ABSECON, N.J., Dec. 01, 2020 (GLOBE NEWSWIRE) &#8212; Absecon Bancorp (the \u201cCompany\u201d) (OTC, trading as ASCN), the bank holding company of First National Bank of Absecon, an Atlantic County New Jersey based community bank, announced today that its Board of Directors authorized a special cash dividend in the amount of\u00a0$3.00\u00a0per share, in addition to a regular annual cash dividend in the amount of\u00a0$2.00\u00a0per share. \u201cGiven our strong balance sheet and projected financial performance, we believe it is appropriate to return capital in the form of a special cash dividend to our stockholders in addition to our annual cash dividend,\u201d said\u00a0C. Eric Gaupp, President and CEO of\u00a0Absecon Bancorp.\u00a0 \u201cThese dividends are consistent with our long-term capital management policies and our commitment &hellip; Continue reading &quot;Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-01T18:24:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDkwMiMzODQ5MTU2IzIyMDU1MjQ=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share\",\"datePublished\":\"2020-12-01T18:24:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\\\/\"},\"wordCount\":505,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA5NDkwMiMzODQ5MTU2IzIyMDU1MjQ=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\\\/\",\"name\":\"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/","og_locale":"en_US","og_type":"article","og_title":"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share - Market Newsdesk","og_description":"ABSECON, N.J., Dec. 01, 2020 (GLOBE NEWSWIRE) &#8212; Absecon Bancorp (the \u201cCompany\u201d) (OTC, trading as ASCN), the bank holding company of First National Bank of Absecon, an Atlantic County New Jersey based community bank, announced today that its Board of Directors authorized a special cash dividend in the amount of\u00a0$3.00\u00a0per share, in addition to a regular annual cash dividend in the amount of\u00a0$2.00\u00a0per share. \u201cGiven our strong balance sheet and projected financial performance, we believe it is appropriate to return capital in the form of a special cash dividend to our stockholders in addition to our annual cash dividend,\u201d said\u00a0C. Eric Gaupp, President and CEO of\u00a0Absecon Bancorp.\u00a0 \u201cThese dividends are consistent with our long-term capital management policies and our commitment &hellip; Continue reading \"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-01T18:24:20+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDkwMiMzODQ5MTU2IzIyMDU1MjQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share","datePublished":"2020-12-01T18:24:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/"},"wordCount":505,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDkwMiMzODQ5MTU2IzIyMDU1MjQ=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/absecon-bancorp-announces-special-cash-dividend-of-3-00-per-share-along-with-an-annual-cash-dividend-of-2-00-per-share\/","name":"Absecon Bancorp Announces Special Cash Dividend of $3.00 Per Share along with an Annual Cash Dividend of $2.00 Per Share - 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