Los Angeles-based CommonwealthBusiness Bank's board authorized a 10% common stock dividend.

The dividend is payable in whole shares to shareholders of recordas of May 16, with any fractional shares paid in cash.

In the April 29 earnings release, the company reported first-quarternet income of $3.1 million, or 37 cents per share, compared to the year-ago quarter's$2.8 million, or 34 cents per share.