PRESS RELEASE
| FROM: | Robert H. Gaughen, Jr., President |
| Hingham Institution for Savings | |
| Hingham, MA (NASDAQ-HIFS) | |
| DATE: | November 19 , 2009 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749.2200 |
QUARTERLY DIVIDEND AND 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 $0.22 per share. The dividend will be paid on January 21, 2010 to stockholders of record as of January 11, 2010.
In addition to the regular quarterly dividend, Hingham’s Board of Directors announced that it will pay a special dividend of $0.23 per share, which represents a 4.5% increase over the prior year’s special dividend. This special dividend will also be paid on January 21, 2010 to stockholders of record as of January 11, 2010.
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. These positive results have allowed our Board to approve the regular quarterly dividend and approve an increased special dividend. This sixty-fourth consecutive quarterly dividend and the fifteenth 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.”
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, Norwell, Weymouth as well as the South End of Boston.
The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
Copyright 2007 Hingham Institution for Savings. All rights reserved. Member FDIC/Member DIF All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, moneymarket deposit accounts, and Interest on Lawyers Trust Accounts ("IOLTAs"). For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov. All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund.
