Pittsburgh, PA May 30, 2012: Allegheny Valley Bancorp, Inc.,
(OTC BB: AVLY) (the "Company") the parent company of
Allegheny Valley Bank of Pittsburgh (the "Bank") announced
today that its board of directors has declared the 2012
2nd quarter dividend in the amount of 46 cents
($ .46) per share in the form of a cash dividend and the
issuance of a stock dividend of .00263 shares of common stock
for each outstanding share of common stock of the Company.
The issuance of the .00263 stock dividend equates to 11cents
($ .11) per share based on a stock price of
$41.81 which is the average weighted closing price of AVLY
Stock in the trailing 20 market (business) days on which
there was an active trade. The cash and stock dividend is for
shareholders as of record date June 8, 2012 and is payable on
June 22, 2012.
Andrew W. Hasley, President and Chief Executive Officer of
Allegheny Valley Bancorp, Inc., said, "Our Company has paid a
dividend for many decades. Our announcement today continues
our focus on delivering shareholder value. At the same time,
given the challenging and uncertain economic climate, paying
a stock dividend in lieu of cash helps to retain and enhance
capital, which the Board considers prudent at this time. One
advantage of a stock dividend to our shareholders is that it
represents more shares of stock for which the holder is
entitled to a dividend."
Shareholders will not be required to take any action in order
to receive the stock dividend. After the payment date,
shareholders' book entry accounts will be credited with the
additional shares representing the stock dividend. The
shareholder will receive "Cash-In-Lieu Of" for all Fractional
Shares except those shareholders that participate in the
Dividend Reinvestment Program. Where shares are held in a
brokerage account in the name of a broker, the additional
shares will be distributed to the broker on the shareholder's
behalf. The stock dividend will be administered by Registrar
and Transfer Company, the Company's transfer agent.
Allegheny Valley Bank - Mission Statement:
We are problem solvers.
We ensure a great customer experience. We deliver the product
that is…right for you.
Allegheny Valley Bancorp, Inc is a Pennsylvania Corporation
and bank holding company headquartered in Lawrenceville that
provides a full range of retail and commercial financial
products and services to customers in the Pittsburgh area
through its wholly owned subsidiary bank Allegheny Valley
Bank. Allegheny Valley Bank owns Allegheny Valley Financial
Services, LLC, doing business as AVB Advisors, that provides
a full array of wealth management, brokerage and insurance
products and services. Allegheny Valley Bancorp is traded on
the OTC Bulletin Board under the symbol AVLY. The most recent
trade was $40.05 per share.
For more information about Allegheny Valley Bank please refer
to its web address, www.ilovethatbank.com.
Andrew W. Hasley, CPA, MBA President and Chief Executive
Officer (412) 781-0320
Jason W. Ross, CPA
Executive Vice President, Chief Financial Officer and