Indiana Community Bancorp slashes quarterly dividend from 12 cents per share to 1 cent

Indiana Community Bancorp slashes dividend

COLUMBUS, Ind. — Indiana Community Bancorp said Wednesday it will cut its quarterly dividend to 1 cent per share from the previous 12 cents per share in a move to retain capital.

The holding company of Indiana Bank and Trust Co. said the dividend will be paid on Oct. 1 to shareholders of record on Sept. 18.

Chairman and CEO John Keach Jr. said the dividend cut will allow Indiana Community Bancorp to retain about $1.5 million in capital per year.

“We are committed to increasing the dividend as soon as it is supported by sustained earnings,” Keach said.

Shares of Columbus-based Indiana Community Bancorp rose 19 cents, or about 1.9 percent, to $10.10 in midday trading.