UPDATE 1-Whitney Holding slashes dividend by 35 pct
(Recasts, adds detail)
Nov 19 (Reuters) - Whitney Holding Corp (WTNY.O) said it cut its quarterly dividend by 35 percent to shore up its balance sheet.
The New Orleans, Louisiana-based Whitney said it will pay a dividend of 20 cents a share on January 2, 2009, to shareholders of record as of December 15, 2008.
Whitney had earlier said it was prepared to reconsider its dividend payout, if the credit problems persisted.
In October, Whitney said it opted to participate in the Treasury Department's Capital Purchase Program and would be eligible to receive up to $282 million in capital.
Shares of Whitney closed at $14.91, down 78 cents, or 4.97 percent, Wednesday on Nasdaq. (Reporting by Krishna Chaithanya in Bangalore; Editing by Anil D'Silva)
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