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BOULEVARD BANCORP PROVIDES SHAREHOLDERS WITH NEW DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

 BOULEVARD BANCORP PROVIDES SHAREHOLDERS WITH NEW
 DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN
 CHICAGO, April 27 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD) is providing its shareholders with a convenient and inexpensive way to increase their ownership in the company through a new dividend reinvestment and stock purchase plan being introduced to shareholders this week.
 Richard T. Schroeder, president and chief executive officer, said the plan permits shareholders to have all or part of their cash dividends invested in additional shares of the company's common stock - and to make monthly cash purchases of the company's common stock in amounts ranging from $50 to $5,000.
 Although Boulevard Bancorp does not now pay a dividend, Schroeder said shareholders would be permitted to participate immediately in the stock purchase portion of the program.
 Schroeder said Boulevard Bancorp is setting aside 100,000 shares of registered common stock for the program. Schroeder noted that the plan will not only provide shareholders with a low-cost, systematic investment program for the long term, but it will provide the company with a means of raising capital for its strategic growth plans.
 "We're very pleased with this program in that it represents a benefit both to our shareholders and the company," Schroeder noted.
 Schroeder said that initially all shares purchased through the plan will be offered to shareholders at a 5 percent discount from market price. In addition, all brokerage commissions, administrative costs, service charges and other fees incurred in connection with the purchase of the shares by shareholders will be paid by the company.
 In addition to reduced cost, shareholders will benefit from the convenience of having their share purchases made for them on a regular basis, and having their shares protected against physical loss or theft, Schroeder said.
 All shareholders of record are eligible to participate in the Boulevard Bancorp program. Boulevard officials said that the price of the shares to shareholders would be determined by averaging the high and low price of the common stock for the last 10 trading days before each investment date. A minimum threshold price, which the average price must exceed, will be set by the company monthly.
 If the company changes or eliminates the 5 percent discount, it must give plan participants not less than 30 days notice. Participants have full control over how their shares in the plan are voted and may terminate their participation in the plan at any time.
 Administrator of the plan is the Illinois Stock Transfer Company.
 Boulevard Bancorp, Inc. is the eleventh largest bank holding company in the Chicago metropolitan area with assets of $1.5 billion. Its principal subsidiaries include Boulevard Bank National Association in Chicago, First National Bank of Des Plaines, Citizens National Bank of Downers Grove, National Security Bank of Chicago and Boulevard Technical Services.
 -0- 4/27/92
 /CONTACT: George H. Cook Sr. VP-CFO, 312-836-6685; Kenneth A. Lindstrom, VP and secretary 312-836-6540; Karen Spillers, assistant VP, 312-993-8603, all of Boulevard; or Jim O'Connor of O'Connor Biro & Associates, 708-498-2284, for Boulevard Bancorp/
 (BLVD) CO: Boulevard Bancorp Inc. ST: Illinois IN: FIN SU:


SH -- NY071 -- 3126 04/27/92 12:02 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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