PAB Bankshares tumbles 14% as it suspends quarterly dividend
PAB Bankshares Inc. (Nasdaq:PABK) plunged by nearly 14% this morning following the company's suspension of its quarterly dividend due to decreased earnings.
In a statement released just after the market closed Thursday, PAB Bankshares' CEO M. Burke Welsh Jr. said the decision was based on "uncertainties in the economy" and a decline in its earnings. He added that the suspension will last until the Valdosta Ga.-based bank holding company's earnings improve.
On July 29, PAB Bankshares had reported that its net income fell 55% to $1.5 million, or $0.15 per share, for the second quarter of 2008, compared with $3.2 million, or $0.33 per share, in the 2007 second quarter.
By late morning, the stock is at $7.23, down $1.15 from Thursday's close.
For detailed price information and news stories on PAB Bankshares, click PABK.
In a statement released just after the market closed Thursday, PAB Bankshares' CEO M. Burke Welsh Jr. said the decision was based on "uncertainties in the economy" and a decline in its earnings. He added that the suspension will last until the Valdosta Ga.-based bank holding company's earnings improve.
On July 29, PAB Bankshares had reported that its net income fell 55% to $1.5 million, or $0.15 per share, for the second quarter of 2008, compared with $3.2 million, or $0.33 per share, in the 2007 second quarter.
By late morning, the stock is at $7.23, down $1.15 from Thursday's close.
For detailed price information and news stories on PAB Bankshares, click PABK.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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