EX-99.1 3 v111912_ex99-1.htm Unassociated Document
 
Exhibit 99.1
 
 
 
 
 
NEWS RELEASE
 
Contacts: Lawrence P. Ward, CEO
  Margaret Torres, CFO
  805-239-5200
  
 
HERITAGE OAKS BANCORP DECLARES 5% STOCK DIVIDEND

Paso Robles, CA - April 24, 2008 — Heritage Oaks Bancorp (NASDAQ: HEOP), parent company of Heritage Oaks Bank, today announced its Board of Directors has declared a 5% stock dividend. The stock dividend will be paid May 16, 2008, to shareholders of record May 2, 2008. This stock dividend will represent a change in the form of dividend payment to our shareholders away from a cash dividend, which we have paid out over the past seven consecutive quarters. Heritage Oaks Bancorp had paid a stock dividend on an annual basis to shareholders for 10 consecutive years prior to switching to a cash dividend in 2006.

“At this time of economic uncertainty, the Board of Directors believes that retention of capital for future growth is in the best interest of the Company,” said Michael Morris, Chairman.

Heritage Oaks Bancorp is the holding company for Heritage Oaks Bank which operates as Heritage Oaks Bank and Business First, a division of Heritage Oaks Bank. Heritage Oaks Bank has its headquarters plus two branch offices in Paso Robles, two branch offices in San Luis Obispo, single branch offices in Cambria, Arroyo Grande, Atascadero, San Miguel, Templeton and Morro Bay and three branch offices in Santa Maria. Heritage conducts commercial banking business in San Luis Obispo County and Northern Santa Barbara County. The Business First division has two branch offices in Santa Barbara. Visit Heritage Oaks Bancorp on the Web at www.heritageoaksbancorp.com.


Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, increased profitability, continued growth, the Bank’s beliefs as to the adequacy of its existing and anticipated allowances for loan losses, beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the Bank’s operations, interest rates and financial policies of the United States government, general economic conditions and California’s energy crisis. Additional information on these and other factors that could affect financial results are included in the Company’s Securities and Exchange Commission filings.

When used in this release, the words or phrases such as "will likely result in", "management expects that", "will continue", "is anticipated", "estimate", "projected", or similar expressions, are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting Heritage Oaks Bancorp within PSLRA's safe harbor provisions.



NOTE: Transmitted on Prime Newswire on April 24, 2008, at 1:00 p.m. PDT.