Brunswick Bancorp (“Brunswick” or the “Company”) (OTC: BRBW), the holding company for Brunswick Bank and Trust (“the Bank”), announced that on February 15, 2022 the Board of Directors declared a special cash dividend of $0.12 per share payable on March 15, 2022 to shareholders of record as of March 1, 2022.
“The significant improvements in Brunswick’s top- and bottom-line performance provided the Board an opportunity to return capital to shareholders,” said Nicholas A. Frungillo, Jr., President and Chief Executive Officer of the Company and the Bank. “After carefully analyzing both a cash dividend and a share buyback with the assistance of an external financial advisor, the Board unanimously determined to declare a special dividend and provide immediate cash to all shareholders.”
Mr. Frungillo continued, “Brunswick has made significant progress in growing our assets, loans and deposits while also reducing costs. At the end of 2021, approximately 94% of the loans in our portfolio were self-originated, reflecting the success of our in-house lending team and our marketing and business development initiatives. Further, the actions we have taken to lower occupancy costs by closing two unprofitable branches, selling the George Street location and purchasing the Livingston Avenue and North Brunswick branches, thereby reducing lease expense, have contributed significantly to our growth in net income, supporting Brunswick’s 2021 and 2022 dividends.”
Mr. Frungillo concluded, “The Board and management team remain focused on further improving top- and bottom-line performance and enhancing franchise value for all shareholders.”
About Brunswick Bancorp
Brunswick Bancorp is the holding company for Brunswick Bank & Trust, a New Jersey chartered commercial bank which serves central New Jersey through its New Brunswick main office and four additional branch offices.
Nicholas A. Frungillo, Jr. - President / CEO
David Gazerwitz - VP / Treasurer
Innisfree M&A Incorporated
Arthur Crozier / Gabrielle Wolf
Paul Caminiti / Nicholas Leasure