PLAINFIELD, Ind., Dec. 17, 2008 (GLOBE NEWSWIRE) -- Lincoln Bancorp (Nasdaq:LNCB), the holding company of Lincoln Bank, announced today that the Board of Directors, at their December 16, 2008 regular Board meeting, declared a cash dividend of $0.07 on each share of its Common Stock for the fourth quarter ending December 31, 2008. The dividend is payable January 15, 2009 to shareholders of record on December 30, 2008.
The dividend has been reduced this quarter from $.14 paid in recent quarters. CEO and President, Jerry R. Engle explains that "Our position on decreasing the dividend this quarter was difficult, but the correct one. With the continued decline in the overall economy, we felt strongly that we should start preserving more of the Company's capital. We are continuing to feel the pressure on our profit margin which translates into lower income. We do not anticipate any immediate relief from the latest rate cuts announced by the Federal Reserve on December 16th. Therefore, we have concluded that preserving our capital is priority number one."
Lincoln Bancorp and Lincoln Bank are headquartered in Plainfield, Indiana with additional offices in Avon, Bargersville, Brownsburg, Crawfordsville, Frankfort, Franklin, Greenwood, Mooresville, Morgantown, Nashville and Trafalgar. The Bank also has two loan production offices located in Carmel and Greenwood, Indiana.