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NorCal Bank Suspends Quarterly Dividends

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Jan 6, 2009 11:36 am US/Pacific

NorCal Bank Suspends Quarterly Dividends

REDDING (AP) ― The parent company of a chain of Northern California banks says it's temporarily suspending paying quarterly dividends to shareholders because of the economic downturn.

Chico-based Community Valley Bancorp says it hopes to save more than $1 million a year by withholding the payments. The company is the parent of Butte Community Bank.

The bank has paid a dividend every quarter since mid-2000.

The bank's board of directors and executives own about 26 percent of the company's outstanding shares.

The company' stock gained 25 cents on Monday, closing at $4.99 a share.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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