The board of directors of Somerville-based Central Bancorp, parent company of Central Co-operative Bank, has declared a quarterly common stock dividend of $.05 per share.

The dividend is payable on or about May 15 to stockholders of record on May 1.  The $.05 dividend represents a $.13 decrease from the company’s previous quarterly cash dividend.

"We are pleased to continue to be able to pay a dividend to our common stockholders as we have done for the past 50 quarterly periods," said John D. Doherty, chairman and chief executive officer of the company and the bank.  "However, while the company and the bank remain well-capitalized under all applicable regulatory requirements, the company’s board of directors has determined that reducing the company’s dividend at this point in time is prudent to preserve capital in light of the recent economic developments in the financial services industry and the economy in general."