UPDATE 1-MainSource Financial slashes dividend by 65 pct

* Q2 div $0.05/shr vs earlier div $0.145/shr

* Says earlier div not supported by earnings

May 20 (Reuters) - Financial holding company MainSource Financial Group (MSFG.O) slashed its quarterly dividend by 65 percent saying current results did not support maintaining the earlier payout.

"Given our recent operating results, our current level of earnings does not support maintaining the dividend at the amount paid in 2008 and the first quarter of 2009," Archie Brown Jr., chief executive of MainSource said. The Greensburg, Indiana-based company declared a dividend of $0.05 per share, down from its earlier quarterly payout of $0.145 per share.

The second-quarter dividend is payable on June 15 to shareholders of record as of June 5. Shares of MainSource were trading down 20 cents at $8.20 after the bell. They closed at $8.40 Wednesday on Nasdaq. (Reporting by Amiteshwar Singh in Bangalore; Editing by Aradhana Aravindan)