MONROEVILLE, Pa., June 20, 2008 (PRIME NEWSWIRE) -- Parkvale Financial Corporation (Nasdaq:PVSA) announced that at its meeting held on June 19, 2008 the Board of Directors declared a quarterly cash dividend of $0.22 per share to stockholders of record at the close of business on June 30, 2008, payable on July 30, 2008.
Parkvale also announced the authorization of a new stock repurchase program effective July 1, 2008 which authorizes the purchase of up to 274,000 shares, representing 5% of the Company's outstanding common stock. The stock repurchases are expected to be made periodically throughout fiscal 2009 at prevailing market prices in open-market transactions. Robert J. McCarthy, Jr., President and Chief Executive Officer, stated: "The repurchase program allows us to continue our commitment to shareholders as we demonstrate our confidence in Parkvale's future prospects." Additionally, Parkvale noted the current stock repurchase program expires on June 30, 2008. The current program has resulted in the acquisition of 172,419 shares to date.
Parkvale Financial Corporation is the parent of Parkvale Bank, which has 48 offices in the Greater Pittsburgh and surrounding areas. Parkvale had total consolidated assets of $1.9 billion at March 31, 2008.