Bedford Bancshares, Inc. announces cash dividend.BEDFORD, Va.--(BUSINESS WIRE)--Sept. 19, 1996--Harold K. Neal, Executive Vice President of Bedford Bancshares, Inc., Bedford, (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 :BFSB), the holding company of Bedford Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , announced today that the Corporation's Board of Directors declared a quarterly cash dividend of $.11 per share payable Oct. 10, 1996 to stockholders of record on Sept. 30, 1996, which represents a 10% increase over the $.10 per share paid in the prior quarter. Future declarations of dividends by the Corporation's Board of Directors will depend upon a number of factors, including investment opportunities available to the corporation or the Bank, capital requirements, regulatory limitations, the corporation's and the Bank's results of operations and financial condition, tax considerations and general economic conditions. Subject to these factors, it is the current intention of the Corporation to pay cash dividends on a quarterly basis in the future. At Sept. 19, 1996, the Corporation had 1,143,669 shares issued and outstanding. Mr. Neal indicated that the cash dividend is being paid as a result of continued profitability of the Corporation and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Bedford Federal Savings Bank. Bedford Federal Savings Bank is a federally chartered stock savings bank headquartered in Bedford, Virginia. The Bank has its main office in Bedford and two branch offices located in Bedford County, Virginia Bedford County is a county located in the U.S. state of the Commonwealth of Virginia. As of the 2000 census, the population was 60,371. Its county seat is the City of Bedford6 and is part of the Lynchburg MSA. . The Band's deposits are federally insured up to the legal limit by the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. , as administered by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. ("FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). "). The Bank is a community-oriented, full service retail savings bank offering traditional mortgage and consumer loan products. At June 30, 1996, Bedford Bancshares, Inc. had total assets and stockholders' equity of $121.78 million and $18.53 million, respectively. The corporation's common stock is traded on the Nasdaq National Market under the symbol "BFSB." CONTACT: Bedford Bancshares, Inc., Bedford H.K. Neal, 540/586-2590 |
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