Southern Indiana Business Report
SALEM — Mid-Southern Bancorp Inc., the holding company for Mid-Southern Savings Bank FSB, announced Oct. 27 that its board of directors declared a quarterly cash dividend of $0.04 per share on the company’s outstanding common stock, an increase of 33% versus the prior quarterly dividend rate of $0.03 per share and the second increase announced during 2021. The cash dividend will be payable on Nov. 26 to shareholders of record as of the close of business on Nov. 12. The declaration and payment of future dividends to holders of the company’s common stock will be at the discretion of the board of directors, and will depend upon many factors, including the company’s financial condition, earnings, capital requirements of its businesses, legal requirements, regulatory constraints, industry practice, and other factors that the board of directors deems relevant.
In addition, the company announced that James O. “Jimmy” King III has been hired as executive vice president and senior loan officer of the bank. King will replace Frank M. “Buzz” Benson III, who on Aug. 13, announced his retirement, effective Jan. 1, 2022. King began his career at King Southern Bank of Chaplin, Kentucky, in 1994. Through the years held various positions as he advanced to the position of President and CEO of King Southern Bank and its holding company, King Bancorp Inc. King Bancorp Inc. was acquired by a Louisville, Kentucky, regional bank in 2019.
Mid-Southern Bancorp President and CEO Alex Babey, commented, “We are very pleased to have Jimmy succeed Buzz as a member of our executive team. Jimmy has a proven record of performance and brings to Mid-Southern a deep knowledge of community banking and the markets we serve.”
Mid-Southern Savings Bank FSB is a federally chartered savings bank headquartered in Salem. The bank conducts business from its main office in Salem and through its branch offices located in Mitchell and Orleans, and loan production offices located in New Albany and Louisville, Kentucky. Mid-Southern trades under the Nasdaq symbol MSVB.