Commercial National Declares $.26 per Share First Quarter Dividend

Rhea-AI Summary

Commercial National Financial Corporation (OTCQX:CNAF) announced a quarterly dividend of $0.26 per share, payable on March 4 to shareholders of record as of February 25. The company's executive officers and directors own 17.09% of outstanding shares, totaling 489,071 shares. As of December 31, 2021, the company employed 79 people, with 31 represented by the union. The current labor agreement is set to expire in February 2024. The company operates seven community banking facilities across western Pennsylvania and maintains an asset management division.

Positive

• Quarterly dividend of $0.26 enhances shareholder income.
• Executive and director ownership at 17.09% indicates confidence.

Negative

• Unionized workforce may limit strategic options.
• The labor agreement expiration in February 2024 poses uncertainty.

LATROBE, PA / ACCESSWIRE / February 15, 2022 / Commercial National Financial Corporation (OTCQX:CNAF), parent company of Commercial Bank & Trust of PA, has declared a quarterly dividend of $0.26 per share payable March 4 to shareholders of record as of February 25.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 489,071 shares, or 17.09% on December 31, 2021.

As disclosed each year in the Annual Report to Shareholders, on December 31, 2021, the Company employed 79 people in full-time and part-time positions. Thirty-one (31) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, twenty-nine (29) employees are full-time and there are two (2) part-time employees. 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 seven community banking facilities in Hempfield Township, Latrobe, Ligonier, 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 and trust division of Commercial Bank & Trust of PA 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.

CONTACT

Wendy Piper
PO BOX 429
900 Ligonier Street
Latrobe, PA 15650
Phone: 7245379923
wpiper@cbthebank.com

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

View source version on accesswire.com:
https://www.accesswire.com/688943/Commercial-National-Declares-26-per-Share-First-Quarter-Dividend

FAQ

What is the dividend amount declared by CNAF?

CNAF declared a quarterly dividend of $0.26 per share.

When will the dividend be payable for CNAF?

The dividend will be payable on March 4, 2022.

What is the record date for the CNAF dividend?

The record date for the dividend is February 25, 2022.

What percentage of shares do insiders own in CNAF?

Insider ownership totals 17.09% of outstanding shares.

How many employees does CNAF have?

CNAF employs 79 people, with 31 represented by a union.