TheMinnetonka, MN-based real estate investment company'srevenues are derived primarily from interest incomeearned from mortgage loans, typically in the range of$100,000 to $1 million, to churches and othernon-profit religious organizations. The loans are usedfor the purchase, construction or refinancing of realestate and related improvements.
The company alsodeclared a divided of 18.75 cents per share, to bepaid on Oct. 30 to shareholders of record on Sept. 30.Combined with previous dividends, this represents anannualized dividend yield of 8.33 percent, the companysaid.
A little more than a year ago, American ChurchMortgage commenced a public offering of 1.5 millionshares of common stock, it's third such offering sinceit was organized four year ago. American InvestorsGroup of Minnetonka, MN, is conducting the offering ona best efforts basis.
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