TIB Financial Corp. to distribute stock dividend in lieu of cash

TIB Financial Corp., parent company of TIB Bank, The Bank of Venice and Naples Capital Advisors, said its Board of Directors has voted to distribute a 1 percent stock dividend valued at approximately $.06 per share to holders of record as of July 7. The stock dividend will be distributed July 17 and is comparable in value to the company's most recent quarterly cash dividend paid April 10.

"The decision to replace our quarterly cash dividend with a stock dividend was made after consideration of the current economic and operating environment and our desire to maintain the well capitalized position of the company, TIB Bank and The Bank of Venice," said Thomas J. Longe, chairman and CEO of TIB Financial Corp. "Both banks and the holding company currently exceed all regulatory requirements to meet the definition of well-capitalized. We understand that cash dividends are an important component of investment return to our shareholders, but believe this is a prudent measure to help sustain our strong capital position and improve future shareholder value."

TIB has recently made substantial investments in the future expansion and scope of its operations. These include attracting a $10.1 million strategic capital investment from two southwest Florida families and their related business enterprises, purchasing Naples Capital Advisors, a registered investment advisor, establishing a private banking and wealth management division and extending its market footprint into Sarasota County via the acquisition of The Bank of Venice.

Total nonperforming loans are expected to be similar to the $26.9 million reported for the first quarter of this year. Charge-offs during the second quarter are estimated between $4.5 and $4.9 million reflecting approximately $3.7 million of charged-off auto loans. The balance of the projected charge-offs represent in general previously identified estimated losses on loans and one loan foreclosed and transferred to OREO during the quarter.

- Business Wire