In 2008, SVBI's div. was 61% of earnings, whereas from '04 thru '07 it avg'd 15.75%.
These %'s make me believe SVBI's current
$0.24 div. is jeopardized. Can shareholders
do anything to save it? Yes! Just the top 3 exec's '08 salries + bonuses = $0.111/shr,
while the 9 directors received $0.0614/shr
for attending mtgs, which totals $0.1724/shr
or 71.8% of the div. payment(!). At Apr. 23rd's
annual mtg, rank & file shareholders must insist that reductions in execs' and directors'
compensation take priority over any div. cut.
No doubt they will moan and groan over such a
sacrifice, but isn't their obligation 1st and
foremost to us shareholders, to whom div. maintenance is crucial? Yes!
A SVBI Shareholder