Commercial National Declares $0.11 Per Share First Quarter Dividend
Rhea-AI Summary
Commercial National Financial has announced a quarterly dividend of $0.11 per share, payable March 7, 2025, to shareholders of record as of February 28, 2025. The company's executive officers and directors own 460,757 shares, representing 16.11% of outstanding shares as of December 31, 2024.
The company employs 78 people, with 33 represented by UAW Local 1799. A new labor agreement was ratified in November 2023, effective February 15, 2024, and will expire in February 2029. The company operates seven community banking facilities in Pennsylvania, along with an asset management and trust division, internet banking, and automated TouchTone Teller services.
Positive
- Consistent dividend payment maintained at $0.11 per share
- Significant insider ownership at 16.11% indicates management alignment with shareholders
- Long-term labor agreement secured until 2029, providing operational stability
Negative
- Unionized workforce limits strategic options compared to non-unionized competitors
- geographical presence restricted to Pennsylvania market
News Market Reaction
On the day this news was published, CNAF gained 0.44%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LATROBE, PA / ACCESS Newswire / February 18, 2025 / Commercial National Financial Corporation, 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 460,757 shares, or
As disclosed each year in the Annual Report to Shareholders, on December 31, 2024, the Company employed 78 people in full-time and part-time positions. Thirty three (33) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, thirty (30) employees are full-time and there are three (3) part-time employees. The Company has had unionized employees since 1972. In November 2023, the agreement between the Company and the bargaining unit was negotiated and subsequently ratified by the bargaining unit with an effective date of February 15, 2024. The labor agreement will expire in February 2029. 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 limits 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 seven community banking facilities in Hempfield Township, Latrobe, Ligonier, 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 and trust division of Commercial Bank & Trust of PA headquartered in Greensburg, Pennsylvania. Commercial Bank & Trust of PA also serves its customer base from an Internet banking site (www.cnbthebankonline.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.
SOURCE: Commercial National Financial Corp. (Pennsylvania)
View the original press release on ACCESS Newswire
FAQ
When will CNAF pay its Q1 2025 dividend?
What is the insider ownership percentage of CNAF as of December 2024?
How long is CNAF's current labor agreement valid?
How many banking facilities does CNAF operate in Pennsylvania?
What percentage of CNAF's workforce is unionized?
