(Source: Tribune-Review/Pittsburgh Tribune-Review)
First Commonwealth Financial Corp. cut the bank's quarterly dividend to 12 cents a share from 17 cents to conserve cash, it said Monday. The action will save about $17 million this year, said the Indiana, Pa.-based bank.
Chairman David Dahlmann called the move "prudent and in the best long-term interests of our shareholders to preserve capital."
The bank will eliminate "certain executive fringe benefits" and suspend executive bonuses in its 2009 incentive plan, said CEO John Dolan.
The dividend will be paid April 15 to holders of record March 31, First Commonwealth announced after the close of markets yesterday. Its stock closed unchanged at $8.25 a share.
Originally published by The Tribune-Review.
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