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The US Broad Dividend Achievers Index published by Mergent consists of 283 well established companies with consistent dividend payments in various sectors. Many of the financial stocks that performed poorly last year were eliminated from the index back in January during the annual reconstitution of the index. Currently 32 banks are represented in this index under the state commercial banks category.

Dividend Achievers share the following criteria:

  • Must have increased annual regular dividends for at least the last 10 consecutive years
  • Must meet specific liquidity screening criteria
  • Must have strong cash reserves, solid balance sheets and a proven record of
    consistent earnings growth
  • Must be listed on the NYSE, AMEX or NASDAQ

The 32 strong dividend-paying U.S. banks in the Broad Dividend Achievers Index are listed below with their current dividend yield:

Company Name Ticker Dividend Yield as of Nov 17,2009
Tompkins Financial Corp TMP 3.29%
Republic Bancorp, Inc. (KY) RBCAA 2.78%
Bank of the Ozarks, Inc. OZRK 1.98%
Southside Bancshares, Inc. SBSI 2.69%
S.Y. Bancorp, Inc. SYBT 3.03%
Lakeland Financial Corp. LKFN 3.67%
Old Second Bancorp., Inc. (Aurora, Ill.) OSBC 0.63%
Glacier Bancorp, Inc. (New) GBCI 3.96%
IBERIABANK Corp IBKC 2.59%
Sterling Bancshares, Inc. (TX) SBIB 4.23%
First Busey Corp. BUSE 4.55%
First Financial Bankshares, Inc. FFIN 2.67%
Commerce Bancshares, Inc. CBSH 2.36%
Capital City Bank Group, Inc. CCBG 5.93%
Northern Trust Corp. NTRS 2.34%
1st Source Corp. SRCE 4.44%
Renasant Corp RNST 4.56%
First Financial Corp. (IN) THFF 3.22%
Associated Banc-Corp. ASBC 1.75%
Washington Trust Bancorp, Inc. WASH 5.39%
MainSource Financial Group Inc MSFG 3.62%
S & T Bancorp, Inc. (Indiana, PA.) STBA 3.78%
Heartland Financial USA, Inc. (Dubuque, IA) HTLF 3.01%
Chemical Financial Corp. CHFC 5.11%
First Community Bancshares, Inc. (NV) FCBC 3.36%
United Bankshares, Inc. UBSI 6.92%
M & T Bank Corp MTB 4.42%
State Street Corp. STT 0.10%
Bank of Hawaii Corp BOH 3.95%
BancorpSouth Inc. BXS 3.77%
Wilmington Trust Corp. (DE) WL 0.30%

The highest dividend payer on the list is United Bankshares, Inc. (NASDAQ:UBSI) with a 6.92% yield and the lowest dividend payer is State Street Corp. (NYSE:STT) with 0.10%. Bank of Hawaii Corp (NYSE:BOH) is a top regional bank and survived the credit crisis better than its peers.

Disclosure: None

Source: 32 U.S. Regional Banks from the Dividend Achievers Index