LATROBE, PA / ACCESSWIRE / November 19, 2019 / Commercial National Financial Corporation (OTCQX:CNAF), parent company of Commercial Bank & Trust of PA, has declared a special cash dividend of $0.50 per share payable December 6, 2019 to shareholders of record as of November 29, 2019.
President/Chief Executive Officer Gregg E. Hunter commented, "With the $0.50 per share special cash dividend the Company will have paid a grand total of $2.54 per share in cash dividends to shareholders for 2019 which is an all-time record. This per share cash payout represents a $7,266,821 return of capital to the Company's shareholders consisting of $2,975,391 in total regular quarterly dividends and $4,291,430 in two special dividends during 2019. Maintaining an attractive and reliable cash dividend income stream to all shareholders in the most equitable manner possible remains a top priority for the Company."
Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 472,975 shares, or 16.53% on September 30, 2019.
As disclosed each year in the Annual Report to Shareholders, on September 30, 2019, the Company employed 97 people in full-time and part-time positions. Forty-five (45) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, Thirty-five (35) employees are full-time and ten (10) employees are part-time. The Company has had unionized employees since 1972. In October 2018, the agreement between the Company and the bargaining unit was negotiated and subsequently ratified by the bargaining unit with an effective date of February 16, 2019. The labor agreement will expire in February 2024. 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.
Wendy S. Piper
First Senior Vice President, Secretary/Treasurer
SOURCE: Commercial National Financial Corporation