Regional Banks Lead Dividend Changes (TAYC, FNBN, FTBK, STT, more)

June 20, 2008 12:25 PM EDT

From Dividend.com

We have seven dividend changes to report:

Dividend Suspended
Taylor Capital Group-$8.71 (Nasdaq: TAYC)-micro-cap midwest regional bank suspended their 2nd quarter dividend in an efforts to preserve capital. We have removed the company from our dividend database as a result. If and when the company resumes their dividends, we will pick up coverage.

Dividend Reductions
FNB United Corp-$9.85 (Nasdaq: FNBN)-micro-cap regional bank based in North Carolina has reduced their annual dividend payout to $.40 cents from $.60 cents. Their annual dividend yield at this current price is 4.05%. The stock is currently not recommended as the rating is a 3.4 average out of 5 stars.

Frontier Financial Corp-$10.34 (Nasdaq: FTBK)-small-cap bank based in Washington and Oregon has been feeling the effect of bad loans and they have decided to reduce their annual dividend payout to $.24 cents from $.72 cents. Their annual dividend yield at this current stock price is 2.30%. The stock is currently not recommended. It has a 3.0 average out of 5 stars.

Tier One Corp-$5.31 (Nasdaq: TONE)-micro-cap regional bank based in the Midwest has also been struggling. They have decided to cut their annual dividend payout in half to $.16 cents from $.32 cents. Their annual dividend yield at this current stock price is 3.01%. The stock is currently not recommended. It’s rating is a 2.9 average out of 5 stars.

Dividend Increases
First Bancorp, Inc.-$16.33 (Nasdaq: FNLC)-micro-cap regional bank in Maine is bucking the regional bank trend by increasing their annual dividend payout to $.76 cents from $.74 cents. Their annual dividend yield at this current stock price is 4.65%. The stock is currently a recommended stock with a 3.5 rating out of 5 stars.

State Street Corp-$68.54 (NYSE: STT)-large cap bank is staying with dividend increases for now. They increased their annual dividend payout to $.96 cents form $.92 cents. Their annual dividend yield at this current stock price is 1.40%. The stock is not currently recommended. It has a 3.1 rating out of 5 stars.

Washington Trust-$22.82 (Nasdaq: WASH)-another Northeast bank holding its own so far. They have just raised their annual dividend payout to $.84 form $.80. Their annual dividend yield at this current stock price is 3.70%. The stock is currently not recommended, but we will review the name further. The rating is a 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks as well as our ratings system here.

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