MB Financial (NASDAQ:MBFI) this week announced plans to up its quarterly dividend 20%, from $0.10 to $0.12 per share.

This marks the first time the company has raised its payout since late 2012, when it increased it from $0.01. In 2009, the company had cut its dividend 92% due to a $28.1 million loss in net income. This was brought on in part, according to a 2009 statement from the company, by the "weak state of economy ." MB Financial's latest increase is the first time since May 2009 that the company has paid a dividend over $0.10 per share.

The dividend will be payable on Sept. 30 to shareholders of record as of Sept. 13. Annualized, MB Financial's payout comes to $0.48. As of the market's close on Aug. 29, the company's stock was trading at $27.43, which means its dividend currently yields 1.7%.

MBFI Dividend Chart

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