PRESS RELEASE
FROM: Robert H. Gaughen, Jr.,
President
Hingham Institution
for Savings
Hingham, MA
(NASDAQ-HIFS)
DATE: November 20 , 2008
CONTACT: William M. Donovan, Jr., Vice President 781.749.2200
QUARTERLY DIVIDEND & INCREASED SPECIAL DIVIDEND DECLARED
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq – HIFS), Hingham, Massachusetts announced that its Board of Directors declared its regular quarterly cash dividend of $0.21 per share. The dividend will be paid on January 22, 2009 to stockholders of record as of January 12, 2009.
In addition to the regular quarterly dividend, Hingham’s Board of Directors announced that it will pay a special dividend of $0.22 per share, which represents a 4.8% increase over the prior year’s special dividend. This special dividend will also be paid on January 22, 2009 to stockholders of record as of January 12, 2009.
Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated, “During this period of financial turmoil our earnings, return on equity, deposits and loans have all shown healthy increases. Our Board approved the regular quarterly dividend and approved an increased special dividend. This sixtieth consecutive quarterly dividend and the fourteenth consecutive annual special dividend communicate our continued confidence in our belief that a prudently operated, well capitalized local bank can profitably serve both its stockholders and its communities. Additionally, given the strength of our earnings and balance sheet, we have no intention of participating in the government’s TARP bailout program.”
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in the Commonwealth. The Bank’s main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Cohasset, Hull, Scituate, Weymouth as well as the South End of Boston and a recently opened branch in the town of Norwell.
The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
