|
|
Article: Atlantic Coast Federal Corporation Suspends Its Cash Dividend.
- Article from:
- Investment Weekly News
- Article date:
- October 17, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Atlantic Coast Federal Corporation (NASDAQ: ACFC), the holding company for Atlantic Coast Bank, announced that its Board of Directors has voted to suspend the payment of cash dividends to common stockholders in order to preserve capital as challenging economic conditions continue.
Commenting on the announcement, Robert J. Larison, Jr., President and Chief Executive Officer, said, "Given ongoing uncertainties in the current environment and the distinct possibility that this recession may continue to affect us for some time, we believe a more conservative stance is appropriate and the preservation of capital is paramount. Although we recognize that dividend ...