Independent Bank Corp. (IBCP) Cuts Qtr. Dividend from $0.11 to $0.01; Guides Q2 EPS
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Independent Bank Corporation (Nasdaq: IBCP) today announced that its Board declared a quarterly dividend of $0.01 per common share, payable on July 31 to shareholders of record on July 7. The dividend represents a $0.10 reduction in its previous quarterly dividend of $0.11.
The current dividend reduction is intended to preserve capital and avoid the need to access the capital markets for equity. It also reflects the prevailing unsettled current market environment and continued weak economic conditions in Michigan, which have resulted in elevated credit costs.
Sees Q2 EPS in the range of $0.09-$0.12, versus the consensus of $0.11.
Independent Bank Corporation, a bank holding company, provides commercial banking services primarily in Michigan.
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