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GE cuts quarterly dividend to 10 cents

WASHINGTON: For the first time since the Depression, General Electric Co. is cutting its quarterly dividend, allowing the struggling conglomerate to save $9 billion a year as it braces for a tough 2009. GE, one of the nation's largest companies, said yesterday that it will pay shareholders a 10-cents-per-share dividend beginning in the third quarter, 68 percent lower than the company's original plan of 31 cents.

Two more banks fail; total for year is 16

NEW YORK: Regulators closed Heritage Community Bank in Glenwood, Ill., and Security Savings Bank in Henderson, Nev., yesterday, marking 16 failures this year of federally insured institutions. The Federal Deposit Insurance Corp. was appointed the banks' receiver. MB Financial Bank of Chicago agreed to assume Heritage's deposits. Las Vegas-based Bank of Nevada agreed to assume all the deposits of Security Savings Bank and purchase $111.3 million in assets.

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