Lender skipping dividend

Monday, May 19, 2003 | 9:58 a.m.

A day after reporting a $1.1 million first-quarter loss, Las Vegas-based Vestin Group Inc. announced Friday that it would not pay a quarterly dividend.

The commercial real estate lender paid a 12 cent, fourth-quarter dividend in March, the sixth consecutive quarterly dividend issued by the company. While a dividend will not be paid this quarter, the company on Friday restated plans to declare dividends of up to one-third of earnings in future quarters.

Vestin stock traded this morning at $3.10, down 6 cents. The stock fell 49 cents Friday on news of the quarterly loss.

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