May 26, 2023

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Stellar Bancorp, Inc. (Nasdaq: STEL), a financial institution, has recently made an announcement. On May 25, 2023, the company's Board of Directors declared a generous quarterly cash dividend of $0.13 per share of common stock. In addition to this, Stellar Bancorp has expanded its existing share repurchase program, allowing for the repurchase of up to $60 million of the company's common stock through May 31, 2024. This exciting development presents compelling opportunities for both current and potential investors.

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Stellar Bancorp's Dividend Announcement

Shareholders of Stellar Bancorp can look forward to a quarterly cash dividend of $0.13 per share of common stock. The dividend will be payable on June 30, 2023, to shareholders of record as of the close of business on June 15, 2023. This dividend not only rewards existing shareholders but also serves as an enticing incentive for new investors looking to join the Stellar Bancorp family.

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Expansion of the Share Repurchase Program

Stellar Bancorp's Board of Directors has demonstrated its confidence in the company's financial strength and future prospects by expanding the share repurchase program. Initially introduced in September 2022, the program authorized the repurchase of up to $40 million of the company's common stock by September 30, 2023. However, due to the program's success and positive market conditions, the Board has decided to increase the repurchase limit to $60 million and extend the deadline to May 31, 2024.

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Members of LevelFields received the alert of this event on May 26, 8:40 AM ET

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