Shareholders of Source Capital Corp. will receive their first cash dividend April 19, the Spokane-based commercial lender announced Tuesday.
The dividend - 3 cents per share - will be paid to holders of record March 15.
The company has about 1,400 shareholders.
Source was organized in 1991 out of the bankruptcy of Selectors Inc. Newly appointed President D. Michael Jones said the company’s board of directors may decide later in the spring whether to begin paying dividends on a quarterly basis.
“We are pleased to begin to share the success the company achieved in 1995 with our shareholders,” he said.
Last week, Source reported net income of $644,000, or 9 cents per share, for the year ended Dec. 31, 1995.
sponsored You’ve probably heard of co-ops: food co-ops, childcare co-ops, housing co-ops, energy co-ops.