This excerpt taken from the PCBC 8-K filed Jan 29, 2009.
The Company announced a reduction in its quarterly dividend for the first quarter of 2009 to $0.11 per diluted share, from $0.22 per diluted share in prior quarters. The Company also announced that it has moved its dividend declaration date to the middle of the last month of each quarter, to be paid on the last business day of the quarter. The first quarter dividend will be paid March 31, 2009, to shareholders of record as of March 16, 2009.
“In recognition of our reduced profitability, the Board of Directors has determined that a reduction in our quarterly dividend payment is appropriate at this time,” said Leis. “The declaration of future quarterly dividends will be closely tied to our overall financial performance and capital requirements.”