CINCINNATI, Oct. 3 /PRNewswire-FirstCall/ -- The board of directors of First Franklin Corporation has declared a dividend of $0.045 per share for the third quarter of 2008. This is the eighty-third consecutive dividend paid by the company. The dividend will be payable October 20, 2008 to shareholders of record as of October 10, 2008. In accordance with NASD regulations, the ex-dividend date for this dividend payment is expected to be October 7, 2008. Persons who buy or sell shares should consult their brokers regarding the timing of their transactions and the effect of the ex-dividend date.
The dividend of $0.045 represents a 50% reduction from the second quarter dividend of $0.09. The Board of Directors made the decision to reduce the company's dividend citing the need to conserve Franklin's capital base, the current condition of the real estate and credit markets and the downward pressure on community bank earnings.
"We understand our dividend payments are important to our shareholders and we are pleased to continue paying a dividend," said Tom Siemers, President and CEO of First Franklin. "However, we must also be prudent and conserve capital in light of the current economic conditions."
First Franklin is the parent of Franklin Savings, which has eight locations in Greater Cincinnati.
