Abington Savings Bank declares cash dividend.ABINGTON, Mass.--(BUSINESS WIRE)--June 27, 1996--Abington Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABBK) announced that its board of directors has approved payment of a quarterly cash dividend for holders of its common stock. A dividend of $.10 per share was declared. The dividend is payable on Aug. 1, 1996 to stockholders of record as of the close of business on July 18, 1996. At March 31, 1995, Abington Savings Bank's total assets were $478,457,000, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $30,122,000 or 6.5 percent of assets, and book value per share $16.52. The bank is a Massachusetts chartered savings bank with deposits insured in full by the Federal Deposit Insurance Corp. and the Depositors Insurance Fund The Depositors Insurance Fund was created by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression. The Federal Deposit Insurance Corporation was inspired by this fund. . Abington Savings Bank currently operates a main office, corporate center and loan center in Abington, and six other branches in Halifax, Holbrook, Hull, Kingston, Pembroke and Whitman. CONTACT: Abington Savings Bank Edward J. Merritt, 617/982-3271 |
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