Mechanics Bancorp Down After $0.70 Dividend Becomes Effective
Mechanics Bancorp shares fell 4.41% to $14.30 Friday as the stock traded ex-dividend for a $0.70 Class A payout due May 28. The drop followed the sale of a $1.8 billion lending-servicing business to Fifth Third for $126 million and ongoing HomeStreet integration. First-quarter net income dropped to $44.1 million from $111.2 million in the previous quarter.
