Banking & Finance

UCFC Ups Dividend, Cortland Keeps Its Payout

YOUNGSTOWN, Ohio – United Community Financial Corp. has increased its quarterly dividend to 2.5 cents per common share and Cortland Bancorp has maintained its six-cent per common share quarterly dividend.

UCFC, holding company of The Home Savings and Loan Co. announced Tuesday that it will pay 2.5 cents per common share Aug. 18 to its shareholders of record Aug. 7.

Cortland, holding company of Cortland Banks, will pay its shareholders of record Aug. 10 a cash dividend of six cents a share Sept. 1.

Said Cortland’s president and CEO, James Gasior, in a written statement, “With the continued profitability of our franchise, we are again delighted to reward our shareholders with a quarterly cash dividend of six cents a share.”

In announcing the UCFC increase, its president and CEO, Gary M. Small, said in a written statement, “By increasing the dividend to 2½ cents per share, we are able to deliver on our commitment to raise our current dividend yield, which is now approximately 2.0% and equivalent to a dividend payout ratio of approximately 30%, while still reserving sufficient capital to continue pursuing our strategic goals and remain a source of strength to Home Savings.”

Published by The Business Journal, Youngstown, Ohio.