Commercial National Declares $.26 Per Share Second Quarter Dividend

Rhea-AI Summary

Commercial National Financial Corporation (OTCQX:CNAF) announced a quarterly dividend of $0.26 per share, payable on June 4, 2021, to shareholders of record by May 28, 2021. Executive officers and directors hold 460,362 shares, approximately 16.09% of outstanding shares as of March 31, 2021. The company currently employs 79 people and has a collective bargaining agreement set to expire in February 2024. Additionally, CNAF operates eight community banking facilities across various Pennsylvania locations.

Positive

• Quarterly dividend of $0.26 per share, indicating continued shareholder returns.
• Executive officers and directors collectively own 16.09% of shares, reflecting confidence in the company.
• Stable employment with 79 employees, contributing to community engagement.

Negative

• Unionized employee status may limit strategic options compared to non-unionized institutions.
• Potential risks related to contract expiration in February 2024 affecting workforce management.

LATROBE, PA / ACCESSWIRE / May 18, 2021 / 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 June 4 to shareholders of record as of May 28.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 460,362 shares, or 16.09% on March 31, 2021.

As disclosed each year in the Annual Report to Shareholders, on March 31, 2021, the Company employed 79 people in full-time and part-time positions. Twenty-nine (29) full-time employees are represented by the United Auto Workers, Local 1799. 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 eight community banking facilities in Greensburg, 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 through an online banking site (www.cbthebank.com) with mobile banking features 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

View source version on accesswire.com:
https://www.accesswire.com/647990/Commercial-National-Declares-26-Per-Share-Second-Quarter-Dividend

FAQ

What is the dividend amount declared by CNAF?

CNAF declared a quarterly dividend of $0.26 per share.

When is the dividend payment date for CNAF?

The dividend is payable on June 4, 2021.

Who are the major shareholders of CNAF?

Executive officers and directors own approximately 16.09%, totaling 460,362 shares as of March 31, 2021.

How many employees does CNAF have?

CNAF employs 79 people.

What is the status of CNAF's unionized employees?

CNAF has had unionized employees since 1972, with a labor agreement set to expire in February 2024.