Citibank to give a penny dividend after reverse split !

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Citigroup declared its first dividend in over two years on Friday, announcing that it will pay investors a penny per share on June 17.

The third-largest U.S. bank, which needed $45 billion in U.S. government bailouts to survive the financial crisis, said in March it planned to reinstate a 1-cent quarterly dividend, after shrinking its number of shares outstanding with a 1-for-10 reverse stock split.

The split took effect on Monday, shrinking Citigroup's share count to about 2.9 billion from 29 billion.

The bank's shares were lower Friday.

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