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Exchange Bank starts paying dividends

The Doyle Scholarship for incoming Santa Rosa Junior College students will resume next year after a five-year hiatus, the result of a decision Tuesday by Exchange Bank to resume stock dividends that funded the popular program for six decades.

The resurgent Santa Rosa bank announced Tuesday it will pay its first dividend since 2008, making it possible for SRJC to issue Doyle scholarships to new students in the fall of 2013.

"The Doyle's back in business," SRJC President Frank Chong said Tuesday after the bank's announcement, describing himself as "ecstatic."

The bank, which halted the dividend after it was pummeled by big losses on construction loans, will pay a 25-cents-per-share quarterly dividend on Sept. 21, bank Chairman C. William Reinking said Tuesday.

On an annual basis, the dividend would provide about $850,000 to the bank's largest shareholder, the Frank P. Doyle and Polly O'Meara Doyle Trust, which funds the Doyle Scholarship.


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