WGNB Corp. Announces Dividend Reduction and a Dividend Reinvestment Plan
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WGNB Corp. (NASDAQ: WGNB) and its Board announced a dividend reduction of 50%, to $0.105 cents, and the adoption of a dividend reinvestment plan.
"Given the state of the economy and its impact on our residential real estate construction and acquisition and development borrowers, the Board of Directors of WGNB Corp. believes it is in the best interests of the shareholders to increase the capital position of the Company," said H. B. "Rocky" Lipham, Chief Executive Officer of WGNB Corp. "It is likely that, despite constant portfolio management and communication with our borrowers, we will have additional loan charge-offs and corresponding loan loss provisions, which will decrease the Company's net earnings over the near term. We are grateful that we have a strong core earnings base, and we remain committed to maintaining a strong capital base for the Bank."
The Board of Directors has elected to reduce the second quarter dividend to $0.105 cents per share for shareholders of record as of the close of business on June 20, 2008, and payable on July 1, 2008. This represents a 50% reduction in the quarterly dividend declared and paid in the first quarter of 2008 in the amount of $0.21 cents per share.
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