Citizens Banking Corp. increases dividend.FLINT, Mich.--(BUSINESS WIRE)--April 18, 1995--Citizens Banking Corp.'s Board of Directors declared a cash dividend of 23 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. which is payable May 10, 1995, to shareholders of record on April 28, 1995. The 23 cent dividend represents an increase of 2 cents per share or 9.52 percent in the quarterly dividend rate. As previously reported, Citizens earned net income of $7,384,000 for the quarter ended March 31, 1995, compared with $6,209,000 in the first quarter of 1994, an increase of $1,175,000 or 18.9 percent. Fully diluted net income per share was 51 cents compared with 43 cents per share for the first quarter of 1994, an increase of 18.6 percent. Return on average assets improved to 1.03 percent from .93 percent and return on average equity improved to 11.40 percent from 9.71 percent. In other action, the board announced that at today's annual meeting, shareholders re-elected directors: William F. Nelson Jr., William C. Shedd, David A. Thomas Jr., James E. Truesdell Jr., Charles R. Weeks and Kendall B. Williams to three year terms. Shareholders also approved proposals to approve the corporation's Stock Option Plan for Directors, and to increase the number of authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. of CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. common stock to 40 million shares. Citizens Banking Corp. is the sixth largest commercial bank holding company headquartered in Michigan and is the parent of seven commercial banks. They are: Citizens Commercial & Savings Bank, Second National Bank of Saginaw, National Bank of Royal Oak, Second National Bank of Bay City, State Bank of Standish, Grayling grayling, common name for a brilliantly colored fish belonging to the genus Thymallus, of the family Salmonidae (salmon family), and closely allied to the smelt. Graylings are found chiefly in clear, cold, fresh waters of the Northern Hemisphere. State Bank and Commercial National Bank of Berwyn, Ill. The corporation's common stock trades on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol: CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility . CONTACT: Citizens Banking Corp., Flint John W. Ennest, 810/257-2557 |
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