Commercial National Declares $.26 Per Share Fourth Quarter Dividend
Commercial National Financial Corporation (OTCQX:CNAF) has announced a quarterly dividend of $0.26 per share, payable on December 3 to shareholders recorded as of November 26. As of September 30, 2021, executive officers and directors hold 17.08% of outstanding shares. The company employs 77 people, with a portion unionized since 1972. The current labor agreement is set to expire in February 2024, potentially affecting strategic options.
- Quarterly dividend of $0.26 improves income for shareholders.
- Executive officers and directors own 17.08% of outstanding shares, indicating confidence.
- Unionized labor may limit strategic options compared to non-unionized institutions.
- Labor agreement expiration in February 2024 presents potential strategic challenges.
LATROBE, PA / ACCESSWIRE / November 16, 2021 / Commercial National Financial Corporation (OTCQX:CNAF), parent company of Commercial Bank & Trust of PA, has declared a quarterly dividend of
Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 488,512 shares, or
As disclosed each year in the Annual Report to Shareholders, on September 30, 2021, the Company employed 77 people in full-time and part-time positions. Thirty (30) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, twenty nine (29) employees are full-time and there is one (1) part-time employee. 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.
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.
Contact Information:
Wendy S. Piper
Senior Vice President
Secretary/Treasurer
wpiper@cbthebank.com
724-537-9923
SOURCE: Commercial National Financial Corporation
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