Citing the weak market for financial stocks, Bank of Granite Corp. in Granite Falls, N.C., said Tuesday that it is abandoning a 5-for-4 stock split that had been scheduled for later this month.

Bank of Granite's shares have fallen by more than 40% since the $1.2 billion-asset company announced Sept. 23 that it intended to improve its capital position by suspending dividend payments to sharholders and that its board had approved the 5-for-4 stock split. Bank of Granite had paid a dividend for 219 consecutive quarters.

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