MARQUETTE NATL CP (OTCMKTS:MNAT)’s Board of Directors recently authorized the repurchase of up to $500,000 of its outstanding common stock. The company plans to repurchase through negotiated transactions or even at prevailing market prices through open market. As of January 31, the company had approximately 1.02 million shares issued and outstanding. The company will repurchase through December 31, 2015.
Late in December, Marquette National Corporation completed the redemption of all of its 14,189 remaining outstanding shares of Series A Preferred Stock and Series B Preferred Stock. Total redemption amount was approximately $14.18 million, plus accrued and unpaid dividends. The company leveraged excess capital from Marquette Bank, its banking subsidiary, to finance the redemption.
MARQUETTE NATL CP (OTCMKTS:MNAT)’s Board of Directors has also announced about 50% increase in quarterly dividend payout compared to the previous quarter. A cash dividend of $0.375 per share will be payable on April 1, 2015. The record date for this dividend is set to be March 20, 2015.
Marquette National Corporation is a diversified bank holding company with $1.53 billion in total assets. Paul M. McCarthy, serves as Bank Chairman, and George Moncada, as President and CEO.
Marquette Bank, MARQUETTE NATL CP (OTCMKTS:MNAT)’s banking subsidiary, is a full-service bank, serving financial needs of communities in Chicago. The bank offers a broad range of financial services, including retail banking, trust, investments, wealth management, business banking and real estate lending to individual and commercial consumers.
Through INVEST Financial Corporation, Marquette Wealth Management Advisors offers an extensive assistance with financial planning and advice, FDIC Insured Certificates of Deposit, insurance, bonds, stocks and mutual funds, portfolio management, fixed income planning and retirement strategies. Financial Advisors discusses specific investment solutions only after carefully understanding individual client’s financial concerns and goals.
Marquette Bank operates its business through 22 branches located in Chicago, Hickory Hills, Orland Park, Romeoville and Summit, Illinois among others.