November 24, 2009 (FinancialWire) — The board of Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK) declared a cash dividend for the fourth quarter of 2009 in the amount of $.02 per share. This is a reduction of $.05 per share from the cash dividend the company paid in September 2009.

The dividend will be paid on December 15, 2009 to shareholders of record December 3, 2009.

Peoples said its board’s decided to reduce the dividend as a result of the decrease in operating earnings in the third quarter of 2009 and the potential impact that the current economic conditions may have on future earnings. North Carolina-based Peoples Bank operates 23 offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Union, Iredell and Wake Counties.

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