Monarch Community Bancorp trims dividends
Monarch Community Bancorp Inc. lowers quarterly dividend to 7 cents from 9 cents
- On 8:13 am EDT, Thursday August 27, 2009
COLDWATER, Mich. (AP) -- Monarch Community Bancorp Inc., the holding company for Monarch Community Bank, is lowering its quarterly dividend to 7 cents per share from 9 cents in an effort to preserve cash.
The cash dividend is payable on Sept. 18 to shareholders of record at Sept. 4.
"We believe that our decision to reduce the cash dividend, while disappointing, is the correct decision given the continued negative impact of the current economic conditions on our earnings," Don Denney, president and CEO of Monarch Community Bancorp, said in a statement Wednesday.
Monarch Community Bank, headquartered in Coldwater, Mich., operates six full service retail offices in Branch, Calhoun and Hillsdale counties.
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