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.
For access to the full article, you must be a registered member - it's FREE.
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.