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UPDATE 1-Yadkin Valley suspends dividend; shares slump

Mon Sep 21, 2009 11:43am EDT

Stocks

   

* Says suspends quarterly dividend to boost liquidity

* Expects to save $3.9 mln annually

* Shares down 19 pct

Sept 21 (Reuters) - Yadkin Valley Financial Corp (YAVY.O) said it will temporarily suspend quarterly dividend to boost liquidity amid the weak economic conditions, sending its shares down as much as 19 percent.

The bank holding company, which posted a second-quarter loss in August, said in a statement that it expects to save about $3.9 million yearly by suspending dividend.

The company, however, said it will evaluate the payment of a quarterly dividend on a quarterly basis.

Yadkin shares, which touched a low of $4.80 on Monday morning, were down 15 percent at $5.01 in late morning trade on Nasdaq. (Reporting by Archana Shankar in Bangalore; Editing by Unnikrishnan Nair)



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