Friday July 24, 12:51 PM
STOCKS NEWS US-Washington Banking cuts dividend by 62 pct
Stocks on the move Real (Frankfurt: BJU.F - news) -time Equity news
0732 ET 24July2009-Washington Banking (NASDAQ: WBCO - news) cuts dividend by 62 pct
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Washington Banking Co, the parent of Whidbey Island Bank, slashed
its quarterly dividend by 62 percent in a bid to strengthen its reserves.
The company, which had paid out 6.5 cents for each of the past five
quarters, declared a quarterly cash dividend of 2.5 cents.
'In an economic environment that requires us to augment our reserves and
increase our contributions to the FDIC insurance fund, our earnings are under
pressure,' Chief Executive Jack Wagner said in a statement.
For details, see
Shares closed Thursday at $9.26.
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