NORWICH, N.Y. — NBT Bancorp Inc. (NASDAQ: NBTB) announced on Monday that its board of directors has approved an increase of its quarterly cash dividend to 37 cents per share, effective with the third-quarter payment.
The new dividend is an increase of 3 cents, or nearly 9 percent, over the dividend of 34 cents that NBT has paid in each of the last four quarters. This is the Norwich–based banking company’s 13th straight year of annual dividend increases. NBT will pay the dividend on Sept. 15, to stockholders of record as of Sept. 1.
“This increase in the quarterly cash dividend of 8.8% affirms our continued commitment to providing favorable long-term returns to our shareholders,” NBT President and CEO Scott Kingsley said in the announcement.
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NBT Bancorp is a financial holding company with total assets of $16.01 billion as of June 30. The firm primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial-services companies. NBT Bank has 175 bank branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. EPIC Retirement Plan Services, based in Rochester, is a national benefits-administration firm. NBT Insurance Agency, LLC, based in Norwich, is a full-service insurance agency.
Year to date through Wednesday, July 30, NBT’s stock price is down just over 10.5 percent this year.
