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Pamrapo Bancorp suspends dividend to conserve cash

Pamrapo Bancorp suspends dividend until further notice to conserve cash

  • On 4:53 pm EDT, Thursday August 27, 2009

BAYONNE, N.J. (AP) -- Holding company Pamrapo Bancorp Inc. on Thursday said its board decided to suspend its regular dividends, including the dividend for the third quarter of 2009, until further notice.

On June 26, the company paid a second-quarter cash dividend of 11 cents per share of common stock, which represented a 26.7 percent decline from its first-quarter dividend.

"Given the uncertain economic climate, as well as the internal challenges that the Company has been facing, the board of directors and management feel that it is prudent and in the best interest of shareholders to preserve our capital in these difficult economic times," said Kenneth Walter, CEO.

Pamrapo is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates ten branch offices in Bayonne, Hoboken, Jersey City and Monroe, New Jersey.

Shares of the company fell 17 cents, or 2.3 percent, to close at $7.10 on Thursday.

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