Glenfed Cuts Dividend: The parent of Glendale...
From Times Staff and Wire Reports
Glenfed Cuts Dividend: The parent of Glendale Federal Bank, California’s third-largest thrift, slashed its quarterly dividend to 15 cents per share from 30 cents. Glenfed Inc. said it cut the dividend as part of an effort to increase the amount of capital it generates internally. Federal capital standards for thrifts are set to rise in 1993. Glenfed also said the new dividend would be in line with the dividend yield paid by similar-sized thrifts. Before the announcement, Glenfed’s dividend yield was 14. The new dividend will be payable Nov. 16 to stockholders of record on Nov. 5. Glenfed’s stock closed at $7.50 a share, down 62.5 cents in NYSE trading.
