The parent company of Paris-based Kentucky Bank is cutting its quarterly common stock by 8 cents a share, or 28.6 percent. Kentucky Bancshares said the new dividend of 20 cents a share will be payable March 31 to shareholders of record on March 20.
The company did not give a reason for the reduction, but it recently reported a loss of $322,000, or 11 cents a share, for the fourth quarter of 2008, largely because of a contribution of $2.2 million to its reserves for loan losses. Kentucky Bancshares' earnings for 2008 were $3.71 million, or $1.33 a share, down 44 percent from 2007. The stock is KTYB.OB.