Le Lézard
Classified in: Business
Subject: DIV

Commercial National Declares $.26 Per Share Special Dividend



LATROBE, Pa., Dec. 14, 2017 /PRNewswire/ -- Commercial National Financial Corporation (OTCQX: CNAF), parent company of Commercial Bank & Trust of PA, has declared a special dividend of $0.26 per share payable December 29 to shareholders of record as of December 26.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 700,192 shares, or 24.47% on September 30, 2017.

As disclosed each year in the Annual Report to Shareholders, on September 30, 2017, the Company employed 100 people in full-time and part-time positions. Forty-seven (47) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, Thirty-five (35) employees are full-time and twelve (12) employees are part-time. The Company has had unionized employees since 1972. In 2013, the Company and the bargaining unit entered into a labor agreement that will expire in February 2019. The Commonwealth of Pennsylvania and the National Labor Relations Board both afford protection to the organized status of pre-existing collective bargaining units. The Company has been advised that bargaining unit status may limit the Company's strategic options relative to those of non-unionized insured depository institutions. The Company continues to consider this as a factor in its strategic and capital management decisions.

The Company operates nine community banking facilities in Greensburg, Hempfield Township, Latrobe, Ligonier, North Huntingdon, Unity Township and West Newton, Pennsylvania and also maintains a commercial business development sales force throughout its entire market area. The company operates an asset management & trust division headquartered in Greensburg, Pennsylvania. Commercial Bank & Trust of PA also serves its customer base from an Internet banking site (www.cbthebank.com) and an automated TouchTone Teller banking system.

Forward Looking Statements

Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are based on information currently available to the company, and the company assumes no obligation to update these statements as circumstances change. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including changes in general economic and financial market conditions, unforeseen credit problems, and the company's ability to execute its business plans.  The actual results of future events could differ materially from those stated in any forward-looking statements herein.

SOURCE Commercial National Financial Corporation


These press releases may also interest you

at 20:34
National Life Insurance Company ("National Life") today announced the expiration of and the results for its previously announced offer to exchange (the "Exchange Offer") any and all of National Life's outstanding 10.50% Surplus Notes due 2039 (the...

at 20:25
Ternio, the blockchain leader bringing transparency to programmatic digital advertising, today named Keith Johnson as Vice President of Product. In his new role based in Atlanta, Johnson will lead Ternio's vision for bringing enterprise-grade...

at 20:05
Restaurant365®, the world's all-in-one, cloud-based, restaurant-specific accounting, back-office and reporting solution, has accomplished record growth in 2018 with 245 new customers to date, bringing the total number of restaurants that use its...

at 20:00
Extraco Banks was honored with the 2018 Financial Capability Innovation Award presented by the nation's leading technology innovator, EVERFI, Inc. The award recognizes Extraco's significant efforts to improve the financial capability of central...

at 20:00
MMA Capital Management, LLC  (the "Company") today announced that the Company expects to file its Quarterly Report on Form 10-Q for the period ended June 30, 2018, (the "Second Quarter 2018 Report") with the Securities and Exchange Commission on...

at 19:30
On July 1, 2018, Attorney Christopher I. Jacobs of Kalfus & Nachman, P.C. was named a member of the Supreme Court of Virginia's Medical Malpractice Review Panel (MMRP). This voluntary service is vital to the work of the state's highest court. The...




News published on 14 december 2017 at 13:39 and distributed by: