National Interstate Will Pay Special Dividend of $2.00
National Interstate Corporation (Nasdaq: NATL) announced that its Board of Directors has declared a quarterly dividend of $0.10 per share as well as an additional one-time special dividend of $2.00 per share. The combined dividend amount of $2.10 per share will be payable on December 10, 2012 to shareholders of record of the Company's common stock as of the close of business on November 26, 2012.
Dave Michelson, the Company's President and Chief Executive Officer stated, "We are pleased with this opportunity to return a portion of our excess capital to our shareholders through a one-time special dividend. Since our last acquisition in 2010, National Interstate's profitability has resulted in accumulated capital that exceeds our near-term needs. We continue to maintain adequate and increasing capital to fund our organic and acquisition growth strategies."
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