Industries Banking/Finance

Cardinal Financial to ‘accelerate’ dividend for the first quarter of 2013

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Tysons Corner-based Cardinal Financial Corp. plans to “accelerate” its first-quarter 2013 cash dividend and increase it to 5 cents a share.

The dividend will be paid on Dec. 28 to shareholders of record as of the close of business on Dec. 17. 2012.

The 5-cent dividend represents an increase of 1 cent from the previous quarter.

Bernard H. Clineburg, chairman and CEO of the company, said the move “reflects our ongoing commitment to enhance shareholder value and appreciation to our shareholders for their continued support.”

Cardinal is the second Virginia banking company to accelerate its dividend payments in recent days.

Norfolk-based Heritage Bankshares announced last week its plans to pay a special cash dividend of 36 cents a share the day after Christmas.

The dividend includes “an acceleration” of 24 cents in total dividends that would have paid in quarterly installments next year plus an additional 12 cents per share.

Heritage attributed its action to “the unusual circumstances of the fiscal cliff and uncertainty surrounding federal tax treatment of dividends.”

Cardinal is a financial holding company with assets of $3.01 billion at Sept. 30.

Its subsidiary, Cardinal Bank, has 27 branches. The company also includes George Mason Mortgage LLC, Cardinal First Mortgage, LLC, Cardinal Trust and Investment Services, Cardinal Wealth Services Inc. and Wilson/Bennett Capital Management Inc.

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