Commercial Federal Announces Regular Quarterly Cash Dividend and Terminates Stockholders' Rights Plan.OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb. -- Commercial Federal Corporation (NYSE NYSE See: New York Stock Exchange :CFB CFB Canadian Forces Base ) announced today that its Board of Directors approved the payment of a regular quarterly cash dividend to shareholders of record as of March 24, 2005. The dividend, in the amount of $.135 per share, will be paid on April 7, 2005. Commercial Federal today also announced that its Board of Directors has voted to terminate its stockholders' rights plan effective February 28, 2005. The rights plan had been scheduled to expire in December 2008. "Many companies put rights plans in place in the 1980's and early 1990's as a defense against the trends of the time toward hostile takeovers. Now, corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. trends dictate that such plans are generally not supportive of stockholder interests. Hence, upon a recommendation by management, our board has chosen to eliminate the plan," said William A. Fitzgerald, chairman and chief executive officer. Commercial Federal Corporation (NYSE:CFB) is the parent company of Commercial Federal Bank, a $11.5 billion 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 with branches located in Nebraska, Iowa, Colorado, Kansas, Oklahoma, Missouri and Arizona. Commercial Federal operations include consumer and commercial banking services, including retail banking, commercial and industrial lending, small business banking, construction lending, cash management, mortgage origination and servicing, and insurance and investment services. Commercial Federal maintains a Dividend Reinvestment Plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. that offers shareholders a convenient and inexpensive way to increase their investment in Commercial Federal Corporation. For information about the plan, contact Shareowner Services at (800) 468-9716. |
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