8-K
UNITED BANCORP INC /OH/ (UBCP)
UNITED STATES
SECURITIES AND EXCHANGECOMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22, 2023
UNITED BANCORP, INC.
(Exact name of registrant as specified in its charter)
| Ohio | 0-16540 | 34-1405357 |
|---|---|---|
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| 201 South 4th Street, Martins Ferry, Ohio | 43935-0010 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
(740) 633-0445
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, Par Value $1.00 | UBCP | NASDAQ Capital Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under<br>the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 8.01. | Other Events. |
|---|
On February 23, 2023, United Bancorp, Inc. issued a press release announcing the declaration by its Board of Directors on February 22, 2023 of the Company’s dividend for the first quarter of 2023, which will be payable on March 20, 2023 to shareholders of record on March 10, 2023. A copy of the press release is furnished herewith.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits
The following exhibits are furnished herewith:
| Exhibit Number | Exhibit Description |
|---|---|
| 99 | Registrant’s press release dated February 23, 2023 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: February 23, 2023 | United Bancorp, Inc. |
|---|---|
| /s/ Scott A. Everson | |
| Scott A. Everson,<br>Chief Executive Officer |
EXHIBIT 99
PRESSRELEASE
UnitedBancorp, Inc. 201 South 4th at Hickory Street, Martins Ferry, OH 43935
| Contacts: | Scott A. Everson | Randall M. Greenwood |
|---|---|---|
| President and CEO | Senior Vice President, CFO and Treasurer | |
| (740) 633-0445, ext. 6154 | (740) 633-0445, ext. 6181 | |
| ceo@unitedbancorp.com | cfo@unitedbancorp.com | |
| FOR IMMEDIATE RELEASE: | 11:00 AM | February 23, 2023 |
| --- | --- | --- |
UnitedBancorp, Inc. Declares a Quarterly Cash Dividend of $0.1625 per Common Share Producing a Forward Yield of 4.42% and Announces a SpecialDividend Payment of $0.15 per Common Share
MARTINS FERRY, OHIO ¨¨¨ On February 22, 2023, the Board of Directors of United Bancorp, Inc. (UBCP) declared a first quarter cash dividend of $0.1625, which is payable on March 20, 2023 to shareholders of record on March 10, 2023. This is an increase of $0.01, or 6.6%, over the cash dividend paid in the first quarter of last year. At this new level and on a forward basis, the regular cash dividend is $0.65, which produces a forward yield of 4.42% based on the market value at the most recent quarter-end.
In addition to this regular cash dividend payment, the Board of Directors of United Bancorp, Inc. also approved a one-time, special dividend of $0.15 per common share, which is payable on March 20, 2023 to shareholders of record on March 10, 2023. The Board of Directors approved this special cash dividend based on the Company’s continued solid earnings, ample liquidity and strong capital position. On a forward basis and inclusive of this special dividend payment, United Bancorp, Inc. is projected to pay cash dividends of $0.80 in the current year.
United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and has total assets of $757.4 million and total shareholder’s equity of $57.6 million as of December 31, 2022. Through its single bank charter, Unified Bank, the Company currently has eighteen banking centers that serve the Ohio Counties of Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas and Marshall County in West Virginia. United Bancorp, Inc. trades on the NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.