MONROEVILLE, Pa., June 19, 2007 (PRIME NEWSWIRE) -- Parkvale Financial Corporation (Nasdaq:PVSA) announced that at its meeting held on June 19, 2007 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 29, 2007, payable on July 25, 2007. The cash dividend represents an increase of 10% over the $0.20 per share paid in the prior quarter.
Parkvale also announced the authorization of a new stock repurchase program effective July 1, 2007 which authorizes the purchase of up to 281,000 shares, representing 5% of the Company's outstanding common stock. The stock repurchases are expected to be made periodically throughout fiscal 2008 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, 2007. The current program has resulted in the acquisition of 95,988 shares to date.
Parkvale Financial Corporation is the parent of Parkvale Bank, which has 47 offices in the Greater Pittsburgh and surrounding areas. Parkvale had total consolidated assets of $1.8 billion at March 31, 2007.