Abigail Adams Suspends Dividend
By Binyamin Appelbaum
Abigail Adams National Bancorp, a regional lender based in the District, said this morning that it had suspended dividend payments to save money for other needs, including the potential cost of rising defaults on real estate and development loans.
"Current economic conditions require prudent management and conservation of capital," said chief executive Jeanne Hubbard, who added that the company already held more capital than required by regulators.
Abigail Adams is the holding company for District-based Adams National Bank and Richmond-based Consolidated Bank & Trust Co. It is majority owned and operated by women, and it focuses on serving female- and minority-owned businesses.
The company most recently paid a quarterly dividend of 12.5 cents per share in June, and investors expected another payment in September. But the company said this morning that its board of directors had voted to suspend the payments.
The company said it expected to resume payments "as economic conditions improve."
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