Amidst all the economic chaos of the mega banks, the Board of Directors of Burke & Herbert Bank & Trust Company Nov. 10 announced it will pay a $17 dividend on Dec. 1 to stockholders on record as of Nov. 17. The Board's motion follows substantial increases in the bank's 2008 earnings.
This December's dividend will bring total dividends for 2008 to $50 per share, a 25 percent increase over the $40 per share paid to shareholders in 2007. Year-to-date earnings for the metropolitan area's oldest bank are up 31 percent from the third quarter of 2007.Net income stands at $6.7 million for the third quarter compared to $4.8 million for the same period last year, an increase of 41 percent.
"We are extremely proud of our performance in 2008, especially in light of the current state of the economic difficulties in the financial sector. Our Board of Directors is pleased to be able to reward our loyal shareholders with the largest dividend in our 156-year history and still put away more than 60 percent of our earnings for increased capital," said E. Hunt Burke, president and CEO.