BUSINESS BANK of California declares 20 percent stock dividend.SAN BERNARDINO San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Calif.--(BUSINESS WIRE)--Sept. 24, 1996--Frank J. Mercardante, chief executive officer, on Tuesday announced that the board of directors of BUSINESS BANK of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. declared a 20 percent stock dividend at its regular meeting, held on Sept. 18, 1996. The stock distribution will be made on October 23, to shareholders of record as of Oct. 2, 1996. In commenting on the dividend, Mercardante stated that the board of directors felt that the bank's continued profitability warranted their decision to recognize the support of its shareholder's with the declared dividend declared dividend A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. . As of June 30, 1996, BUSINESS BANK of California reported total assets of $97,500,000. Deposits, for the same period, were reported at $83,800,000. The bank has four offices located within the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. ; two branches in the City of San Bernardino, an office in Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. and the bank's newest location, scheduled to open next month, in the City of Redlands. CONTACT: BUSINESS BANK of California Alan J. Lane or Frank J. Mercardante, 909/888-2265 |
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