FirstMerit (NASDAQ:FMER) has declared its next quarterly dividend.  The bank is to pay $0.16 per share of its common stock on March 18, to shareholders of record as of March 4. That payout is the same as the company's previous quarterly disbursements, stretching back to November 2009. Previously, it paid nearly double that amount, at $0.29 per share.

At an annualized rate, the current distribution amounts to $0.64. This yields 4.3% on FirstMerit's Thursday closing price of $14.96.

The Ohio-based company's stock closed slightly down in trading after the dividend announcement was made.

Editor's note: A previous version of this article incorrectly calculated the annualized distribution. The error has been corrected.

Fool contributor Eric Volkman has no position in FirstMerit. The Motley Fool owns shares of FirstMerit. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.