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BOULEVARD BANCORP REINSTATES COMMON STOCK CASH DIVIDEND; COMPANY TO PAY 5 CENTS PER SHARE

 CHICAGO, July 30 /PRNewswire/ -- Boulevard Bancorp, Inc. (NASDAQ-NMS: BLVD) today announced that its board of directors has declared a quarterly cash
dividend of $.05 per share on its common stock. The dividend is payable Sept. 17, 1993, to shareholders of record Aug. 27, 1993.
 "Boulevard has experienced seven consecutive profitable quarters, while asset quality has dramatically improved," said Richard T. Schroeder, president and chief executive officer. "This decision underscores the board's feeling regarding the company's improved financial condition as well as their assessment of future performance," he continued.
 Boulevard's dividend was suspended in October 1990 to preserve capital in view of performance problems related to asset quality. Since that time, the company has continued to strengthen its balance sheet.
 Capital is well in excess of all regulatory requirements. The tier one and total risk-based capital ratios were 10.7 percent and 12.2 percent, respectively, and the leverage ratio was 6.6 percent at June 30, 1993.
 The company has reduced non-performing assets by 60 percent, to $37.4 million at June 30, 1993 from $92.7 million on March 31, 1991. The allowance for loan losses was $21.8 million on June 30, 1993, representing 94 percent of non-performing loans and over 3 percent of total loans.
 As of June 30, 1993, Boulevard Bancorp had approximately 7.2 million shares of common stock outstanding.
 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. The company's Common Stock is traded on NASDAQ's National Market System under the symbol "BLVD."
 -0- 7/30/93
 /CONTACT: George H. Cook (investors,), 312-836-6685, or Karen E. Spillers (media), 312-993-8603 of Boulevard Bancorp/
 (BLVD)


CO: Boulevard Bancorp, Inc. ST: Illinois IN: FIN SU: DIV

SH -- NY027 -- 7676 07/30/93 10:50 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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