Nov 16 - Dean K. Toft, president of Redwood Financial Inc. (OTC BB: REDW), the holding company of HomeTown Bank, has announced that the board of directors of the company declared a special cash dividend of 25 cents per share, payable on Dec. 5, 2012, to stockholders of record on Nov. 21, 2012. Toft said that the continued profitability and capital strength of the bank allowed the board of directors to declare this special dividend. Toft further said that it is not the intention of the board of directors to declare regular quarterly dividends but that the board will continue to assess the earnings and capital position of the company and the bank at various times to determine if future special dividends will be declared.
The bank is a federally chartered thrift organization headquartered in Redwood Falls, Minn., and has branch offices in Redwood Falls, Olivia, St. Peter, Cleveland, Le Sueur, Henderson and Jordan, all in Minnesota. The bank was founded in 1924.