BANGOR — For the first time in two years, Bangor Hydro-Electric Co. will pay a dividend on its common stock.
The company announced Wednesday that a 15-cent dividend will be paid July 20 to all shareholders of record June 30. The company also announced that holders of preferred stock will receive dividends ranging from $1 to $2.19 per share. Dividends for preferred stock were never suspended.
“We are pleased that our financial performance has recovered to the point where we can resume dividend payments,” said Bangor Hydro President Robert Briggs.
Dividends on common stock were suspended two years ago because of financial problems associated with Hydro’s ownership of the Maine Yankee nuclear power plant. The company owns 7 percent of Maine Yankee, which was shut down permanently in 1997 and is in the process of being decommissioned. The last quarterly dividend paid to shareholders was for 18 cents in March 1997.