Farmers Bankshares Inc., the Windsor-based holding company for Farmers Bank, has declared a quarterly dividend of 7 cents per share to holders of common stock of the company.

On an annualized basis the dividend is an increase of 40 percent from that paid in March 2016 and increased 59 percent above the annualized dividend paid in June 2015.

The record date for stockholders entitled to payment of the dividend will be the close of normal trading on July 1, 2016, with payment to occur by July 15.

Farmers Bank, founded in 1919, is headquartered in Windsor and operates six branches and services areas throughout Tidewater.