Bank of New England Rescinds Dividend: Bank...
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Bank of New England Rescinds Dividend: Bank of New England Corp., which expects heavy losses because of bad real estate loans, has rescinded a common stock dividend that it declared last month. The announcement came one week after the bank said that it would boost its loan reserves above $1 billion and that it expected a substantial loss for the year. At the time, the bank also said it was exploring the sale or merger of its assets and was considering rescinding a 34-cents-per-share dividend for the fourth quarter.
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