Columbia Banking System, Inc, (NASDAQ: COLB) announced that a quarterly cash dividend of $0.16 per common share, and per common share equivalent for holders of preferred stock, will be paid on November 19, 2014 to shareholders of record as of the close of business on October 31, 2014.
The $0.16 regular dividend represents an increase of 14% from the regular dividend paid for the second quarter 2014 and 33% from the first quarter 2014.
In addition, the board of directors declared a special cash dividend of $0.14 per common share, and per common share equivalent for holders of preferred stock, which will also be paid on November 19, 2014, to shareholders of record as of the close of business on October 31, 2014.
Melanie Dressel, President and Chief Executive Officer noted, "Our ongoing commitment is to actively manage our capital position. With the projected earnings accretion achieved from our successful integration of West Coast, we are pleased to be in a position to both increase our regular dividend and pay a special cash dividend. Along with our regular dividend, the special dividend constitutes a payout ratio of 73% for the quarter and a dividend yield of 4.80% based on the closing price on October 22, 2014."
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