TORONTO, April 23, 2020 /CNW/ - Accord Financial
Corp. (TSX – ACD) ("Accord" or the "Company") today announced that
its Board of Directors has approved a reduction of its quarterly
dividend from nine cents ($0.09) per common share to five cents ($0.05) per common share. The dividend is
payable June 1, 2020 to shareholders
of record at the close of business on May
15, 2020.
Simon Hitzig, the Company's
President and CEO advised, "We're in a period of unparalleled
economic disruption. We entered the economic downturn with a
well-diversified portfolio and strong capital base, but the length
and scale of the disruption remains to be seen." Mr. Hitzig added,
"We've chosen to decrease the quarterly dividend for two reasons:
first, to retain more capital in the business, maintaining balance
sheet strength through this challenging period, and second, to make
sure we can capitalize on the growth opportunities we're beginning
to see as some of our competitors back away."
About Accord Financial Corp.
Accord Financial Corp.,
founded in 1978, is one of North
America's leading independent finance companies. Serving
clients throughout the United
States and Canada, Accord's
flexible finance programs cover the full spectrum of asset-based
lending, including factoring, receivables finance, inventory
finance, equipment finance, trade finance and film/media finance.
For 42 years, Accord has simplified access to capital, helping
businesses seize opportunity and drive success.
SOURCE Accord Financial Corp.