Bedford Bancshares Inc. announces cash dividend.BEDFORD, Va.--(BUSINESS WIRE)--June 20, 1996--Harold K. Neal, executive vice president of Bedford Bancshares Inc. (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 BFSB Bahamas Financial Services Board BfSB Battlefield Surveillance Brigade (US Army) ), Bedford, Va. 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 $.10 per share payable July 18, 1996 for stockholders of record on July 3, 1996. This is the fifth dividend declared by the corporation since the initial issuance of its stock in August 1994. 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 Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , 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 June 19, 1996, the corporation had 1,166,169 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. The bank has its main office in Bedford and two branch offices located in Bedford County, Va. The bank'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 Corp. (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 March 31, 1996, Bedford Bancshares Inc. had total assets and stockholders' equity of $117.59 and $18.93 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 KEYWORDS: VIRGINIA INDUSTRY KEYWORD: BANKING DIVIDEND REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or |
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