Santa Claus Specials At the end of October 2021, BNCCorp, the Bismarck, North Dakota-based parent company of $1.1 billion BNC National Bank, announced that it would pay a special dividend on Dec. 15 — a so-called “Santa Claus special” given that it’ll be paid near the end of the year. BNC’s news came two days after a similar pronouncement from Merchants Financial Group, a $2.5 billion bank based in Winona, Minnesota. Merchants told shareholders on Oct. 26 that it would pay a special dividend of $1 per share “because of market factors that have contributed to exceptional performance that far...
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John J. Maxfield is a contributor for Bank Director magazine.