Item 8.01 Other Events.

On Tuesday, March 10, 2009 Warwick Valley Telephone Company (the "Company") issued a press release indicating that the Board of Directors had increased the ongoing quarterly Common Share dividend by 10%, increasing the quarterly dividend rate to $.22 up from $.20, effective the first quarter of 2009. The Board also declared a regular quarterly dividend of $1.25 per share on the outstanding 5,000 shares of the Company's 5% Preferred Shares. The Board declared that the first quarter dividend is to be paid on March 31, 2009 to shareholders of record as of March 20, 2009. The Company's press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

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