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Susquehanna Slashes 2Q Dividend Save Cash

Stock quotes in this article: SUSQ  

LITITZ, Pa. (AP) — Susquehanna Bancshares Inc. on Wednesday cut its second-quarter dividend 81 percent in a move aimed at preserving cash.

The financial services company, which operates about 230 bank branches in Pennsylvania, Maryland, West Virginia and New Jersey, cut its dividend to 5 cents, from 26 cents in the first quarter. The dividend is payable May 20 to shareholders of record as of May 1.

Chairman and Chief Executive William J. Reuter said the cut will save $18 million. He called the move a "prudent step" in the current economic downturn. ...

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