Commercial National Declares $.26 Per Share Third Quarter Dividend
Commercial National Financial Corporation (OTCQX:CNAF) has declared a quarterly dividend of $0.26 per share, payable on September 4, 2020, to shareholders on record as of August 28, 2020. As of June 30, 2020, executive officers and directors owned 16.84% of total shares. The company employs 83 people, of which 32 are represented by the United Auto Workers. The current labor agreement is set to expire in February 2024. Additionally, the company operates nine banking facilities across Pennsylvania.
- Quarterly dividend of $0.26 per share enhances income for shareholders.
- Strong executive and director ownership at 16.84% shows confidence in company.
- Unionized employee status may restrict strategic options compared to non-unionized competitors.
LATROBE, PA / ACCESSWIRE / August 18, 2020 / 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 481,669 shares, or
As disclosed each year in the Annual Report to Shareholders, on June 30, 2020, the Company employed 83 people in full-time and part-time positions. Thirty-two (32) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, Thirty-one (31) employees are full-time and there is one (1) active 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 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.
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CONTACT:
Wendy S. Piper
First Senior Vice President, Secretary/Treasurer
724-537-9923
SOURCE: Commercial National Financial Corporation
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