LOS ANGELES -- First Interstate Bancorp is not considering a new increase in its dividend in the short term, said chairman Edward Carson.
First Interstate increased the quarterly dividend 50% to 75 cents a share in April, reflecting the company's continuing turnaround and strong first-quarter performance.
Mr. Carson had told analysts in New York in March that the company planned a "substantial" increase in the dividend. Asked if it planned another rise, he said, "Not right away."
He said the dividend is reviewed every quarter and will be kept in line with the policy of a 30% to 40% payout.