Fulton Financial Cuts Dividend

Wednesday, March 18, 2009 6:56 PM

(Source: Intelligencer Journal) tracking

Fulton Financial Corp. Tuesday declared a quarterly cash dividend of 3 cents per common share, payable on April 15 to shareholders of record as of March 27. The company had paid a 15-cent per-share dividend.

"Our directors and senior management are keenly aware of how important cash dividends are to our shareholders," said R. Scott Smith, Jr., chairman and chief executive officer. "In times of economic uncertainty, however, it is essential that we take the necessary steps to protect our company's strong balance sheet and capital base for the long-term benefit of our shareholders, customers and employees.

"Today's decision to change the cash dividend will enable Fulton to retain approximately $21 million quarterly in capital."

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