BRISTOL, Va. -- For the first time in six years, Charter Federal declared a cash dividend, marking another step in the thrift's rapid recovery.

The thrift reported a dividend of 7 cents per share for the quarter ended Sept. 30, payable to stockholders of record as of Oct. 31. The last time Charter Federal announced a cash dividend was in November 1988.

The 74-year-old thrift fell on hard times in the late 1980s, losing more than $26 million between 1989 and 1991.

Net income for the quarter declined from $2.3 million to $2.1 million.

Charter Federal is a $741 million-asset thrift with 27 branches throughout southwest Virginia and northeast Tennessee.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.