Bryn Mawr Bank Corp. declares special dividend.BRYN MAWR, Pa.--(BUSINESS WIRE)--March 21, 1996--The board of directors of Bryn Mawr Bank Corp. (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 :BMTC), declared a special dividend of 32 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , payable May 1, to shareholders of record as of April 5. The purpose of the special dividend is to distribute to the shareholders a $708,013 after-tax gain realized on the pre-tax profit of $1.07 million from the recent sale of a commercial property held in the bank's other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most ("OREO"). According to Robert L. Stevens Colonel Robert Livingston Stevens (October 18 1787 – April 20 1856 Hoboken, New Jersey) was the son of Colonel John Stevens. In 1807, the father and son built the Phœnix , corporation chairman, "Bank management initially considered offsetting this gain by making a donation to fund a charitable trust. After some study, the board chose, instead, to distribute the gain to its shareholder and declared this special dividend." CONTACT: Bryn Mawr Bank Corp., Bryn Mawr Robert L. Stevens, 610/526-2300, (evening) 610/296-5539 or Joseph W. Rebl, 610/526-2466, (evening) 610/828-7798 |
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