CapitalSource (UNKNOWN:UNKNOWN) has elected to stick to its long-term dividend policy, despite a looming change in ownership. The lender declared a common stock dividend of $0.01 per share for its Q3. This will be dispensed on or about September 27 to shareholders of record as of September 13. That amount matches all of CapitalSource's payouts stretching back to March 2009, with the exception of a special dividend of $0.50 per share that was paid at the end of last year.
The company is keeping its payout steady in advance of its impending absorption into fellow California financial PacWest Bancorp, a $2.3 billion acquisition that was announced in July.
The just-declared dividend annualizes to $0.04 per share. That yields 0.3% at CapitalSource's most recent closing stock price of $11.61.
Fool contributor Eric Volkman has no position in any stocks mentioned, and neither does The Motley Fool. 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.