* PKO to first pay 1 bln zlotys ($311 million) dividend
* To go ahead with 5 bln zlotys right issue
* Further dividend payments after cash call
(Adds dividend vote, new analyst, CEO vote)
By Piotr Bujnicki and Filip Kochan
WARSAW, June 30 (Reuters) - Poland's treasury pushed through a 1 billion zlotys dividend at the country's top bank PKO BP on Tuesday as part of a wider plan to extract up to 3 billion zlotys in cash to help plug a gaping budget hole.
The first dividend scheduled for September would precede a 5 billion zlotys cash call, Poland's largest share issue since PKO's 2004 listing. Both steps were approved by the shareholders of the state-controlled lender at a Tuesday annual meeting.
The centre-right government, under pressure to keep its ballooning budget deficit under control, also wants PKO to pay another dividend this year as a pre-payment from next year's profit and another one in 2010.
The central bank and financial regulator, as well as PKO's supervisory board, criticised the management's proposal to pay a one-time dividend of 2.9 billion zlotys -- nearly all of its 2008 profit -- over worries it could hurt its ability to offer new loans, supporting the Polish economy.
"From an image perspective, this solution look pretty good, with the first dividend payment much lower than the original plan," said Peter Vidlicka, analyst at Wood & Co. in Prague.
PKO shares closed 3.2 percent lower at 25.50 zlotys after rising 3.6 percent earlier in the session, when traders said it was supported by 'window dressing' buying of more liquid emerging markets stocks ahead of the closing of the quarter.
To appease minority investors worried they could be diluted in the rights issue, the treasury also lowered the maximum number of shares to be issued to 30 percent of the existing number. Poland has 52 percent of PKO.
The bank had wanted to get the go-ahead for increasing the number of its shares by as much as two-thirds.
The move will set the minimum price for the share issue at 16.70 zlotys per share, said Marek Juras, analyst at BZ WBK.
The combination of a large dividend and cash call puzzled many investors and the original announcements chopped nearly a tenth off PKO's share price last month.
But a dividend will give the state coffers an immediate shot in the arm, while the government's particiapation in the rights issue would be taken up by another state bank with no immediate effect on the budget.
The finance ministry has muscled most of Poland's state controlled companies into handing over large chunks of their 2008 earnings to shareholders. Last week it raised its dividend income target to 8.2 billion zlotys from 2.9 billion.
The biggest payment is expected to come from insurer PZU, which could pay a dividend of as much as 13 billion zlotys. The move could also help to settle a long-running disupte with its other owner, Dutch-based Eureko.
PZU shareholders are expected to decide on the payout after a one-month suspension of its annual meeting started on Tuesday. ($1=3.220 Zloty) (Additional reporting by Chris Borowski; Editing by Jon Loades-Carter and David Cowell)