Commercial National Declares $.26 Per Share Third Quarter Dividend

Rhea-AI Summary

Commercial National Financial (OTCQX:CNAF), parent of Commercial Bank & Trust of PA, has declared a quarterly dividend of $0.26 per share, payable September 6 to shareholders of record as of August 30. The company's executive officers and directors own 16.36% of outstanding shares. CNAF employs 81 people, with 34 represented by UAW Local 1799. A new labor agreement, effective February 15, 2024, will expire in February 2029.

CNAF operates seven community banking facilities in Pennsylvania, along with an asset management and trust division. The company also offers internet and automated telephone banking services. The unionized status of some employees may limit CNAF's strategic options compared to non-unionized institutions, a factor considered in its strategic and capital management decisions.

Positive

• Declared quarterly dividend of $0.26 per share
• Executive officers and directors own 16.36% of outstanding shares, indicating alignment with shareholder interests
• New labor agreement in place until February 2029, providing stability in workforce relations

Negative

• Unionized workforce may limit strategic options compared to non-unionized competitors
• Reliance on traditional banking facilities in a digital age may pose challenges

News Market Reaction

-1.24%

1 alert

-1.24% News Effect

On the day this news was published, CNAF declined 1.24%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

LATROBE, PA / ACCESSWIRE / August 20, 2024 / Commercial National Financial Corporation (OTCQX:CNAF), parent company of Commercial Bank & Trust of PA, has declared a quarterly dividend of $0.26 per share payable September 6 to shareholders of record as of August 30.

Direct and beneficial ownership by executive officers and directors of the Company's outstanding shares totaled 467,957 shares, or 16.36% on June 30, 2024.

As disclosed each year in the Annual Report to Shareholders, on June 30, 2024, the Company employed 81 people in full-time and part-time positions. Thirty four (34) employees are represented by the United Auto Workers, Local 1799. Of that bargaining unit total, thirty one (31) 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 Corporation

View the original press release on accesswire.com

FAQ

When is Commercial National Financial (CNAF) paying its next dividend?

CNAF will pay its next quarterly dividend of $0.26 per share on September 6 to shareholders of record as of August 30.

How many banking facilities does Commercial National Financial (CNAF) operate?

CNAF operates seven community banking facilities in Pennsylvania, located in Hempfield Township, Latrobe, Ligonier, Unity Township, and West Newton.

What percentage of Commercial National Financial (CNAF) shares are owned by executive officers and directors?

As of June 30, 2024, executive officers and directors of CNAF owned 16.36% of the company's outstanding shares, totaling 467,957 shares.

How long is Commercial National Financial 's (CNAF) current labor agreement valid?

CNAF's current labor agreement with UAW Local 1799 is effective from February 15, 2024, and will expire in February 2029.