Naugatuck Valley Financial (NVSL) Halts Dividend

December 4, 2012 5:06 PM EST
Naugatuck Valley Financial Corporation (Nasdaq: NVSL), the holding company for Naugatuck Valley Savings and Loan, announced today that the Company's Board of Directors has determined not to declare and pay a cash dividend for the quarter ended September 30, 2012.

In making this determination, the Board of Directors considered the various factors under the Company's dividend policy, including the results of the previously reported restatement of the Company's financial results for the first and second quarters and the effect of the restatement on the third quarter and year-to-date financial results. The Board of Directors intends to evaluate these same factors in determining whether or not to declare and pay any cash dividends in subsequent periods.

Naugatuck Valley Financial Corporation is the holding company for Naugatuck Valley Savings and Loan. In addition to its main office in Naugatuck, the Bank operates nine other branch offices in Southwestern Connecticut. The Bank is a community-oriented financial institution dedicated to serving the financial services needs of consumers and businesses within its market area.

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