COLDWATER, Mich., Aug. 26, 2009 (GLOBE NEWSWIRE) -- Monarch Community Bancorp, Inc. (Nasdaq:MCBF), the holding company for Monarch Community Bank, today announced a quarterly dividend of 7 cents per share.
The cash dividend is payable on September 18, 2009 to shareholders of record as of the close of business on September 4, 2009.
"We believe that our decision to reduce the cash dividend, while disappointing, is the correct decision given the continued negative impact of the current economic conditions on our earnings. We continue to maintain a strong capital position and believe that taking this step will help to preserve capital. The board of directors will continue to evaluate our dividends in light of changes in economic conditions, our capital levels and our future levels of earnings," said Don Denney, President and CEO of Monarch Community Bancorp and Monarch Community Bank.
Monarch Community Bank is headquartered in Coldwater, Michigan and operates six full service retail offices in Branch, Calhoun and Hillsdale counties.
For additional information, visit Monarch Community Bancorp's website at www.monarchcb.com.