Integra Bank suspends dividend

Integra Bank suspends dividend indefinitely

• On 5:12 pm EDT, Friday September 18, 2009

EVANSVILLE, Ind. (AP) -- Integra Bank Corp. said Friday is has suspended its dividend indefinitely.

The quarterly cash dividend had previously been 1 cent per share. It was cut to that level in September 2008 to strengthen its capital position.

The quarterly dividend had been 18 cents a share since July 2007.

Credit losses in the past several quarters and uncertain economic challenges ahead led to the decision, CEO Mike Alley said.

"We find it prudent and in the longer term interest of our shareholders to preserve our capital," he said. "As conditions change, we will re-evaluate our position with respect to the dividend."

The Evansville, Ind.-based corporation is the parent company of Integra Bank N.A.

It received $83.6 million from the Treasury Department in March.

Shares closed unchanged at $1.48 per share. They've traded between 75 cents and $10.25 in the past year.