Integra Bank Corp. issues lower dividend

Integra Bank Corp. said Monday that it will implement a temporary reduction in its quarterly cash dividend.

The company said it will reduce its dividend to one cent per common share to further strengthen its capital position. The dividend will be payable on or about Oct. 16 to shareholders of record at the close of business on Oct. 9.

The company last issued a quarterly dividend, paid in July, of 18 cents a share.

The company said in a statement that against the current bleak economic backdrop, its board "believes it is important to build capital by suspending the dividend until we see signs of improvement in the capital and credit markets. This action reduces the risk that we would have to raise dilutive capital if we see further deterioration in the markets."

The Evansville, Ind.-based corporation is the parent company of Integra Bank N.A.