First State Financial suspends dividend payment

By Lisa Kerner

Charlotte, N.C., Sept. 22 - First State Financial Corp.'s board of directors has suspended its dividend payment.

In a letter to shareholders, the company said it took a conservative approach over the past three quarters and significantly increased its loan loss reserve, which led to net income losses.

The bank remains well capitalized, according to a form 8-K filed with the Securities and Exchange Commission.

First State is the holding company for First State Bank based in Sarasota, Fla.

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