Compass Bancshares Increases Dividend 14 Percent, Announces Stock Split Following Record Earnings Year.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb. 16, 1999--The Compass Bancshares Compass Bancshares, Inc. is a privately held company based in Birmingham, Alabama. Its subsidiary, Compass Bank, is a Southwestern financial holding company with $47 billion in assets and 417 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico, and Texas. , Inc. (NASDAQ/NMS: CBSS CBSS Council of Baltic Sea States CBSS Craft and Boat Support System CBSS Coastal Border Surveillance System (MSSC) CBSS Closed-Breach Scavenging System (compressed air system for removing smoke from tank gun tubes) ) board of directors declared a quarterly dividend of $.30 per share, a 14 percent increase over the prior quarter. The dividend is payable on April 1, 1999 to all shareholders of record on March 15, 1999. The indicated annual dividend of $1.20 per share represents the 18th consecutive year that Compass has increased its dividend to shareholders, and follows Compass' 11th consecutive year of record earnings and earnings per share. Over the past 10 years, Compass earnings per share and annual dividends per share Dividends per share Dividend paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted average of shares outstanding over the reporting term. have grown at compound annual rates of 16 percent and 13 percent respectively. Compass assets during the same period have grown at a compound annual rate of 12 percent. Compass also announced a three-for-two stock split to be effected in the form of a 50 percent stock dividend. The company's outstanding common stock will increase from approximately 76 million to approximately 113 million shares. As a result of the split, shareholders will receive one additional share of Compass stock for each two shares they hold as of the March 15, 1999 record date. The additional shares will be distributed on April 2, 1999 after payment of the quarterly cash dividend. Shareholders entitled to receive fractional shares will receive cash based on the market price on March 31, 1999. "We are pleased that Compass' outstanding earnings this past year and strong capital position enable us to continue providing superior rewards to our shareholders," D. Paul Jones Paul Jones can refer to:
"The split should bring the market value of Compass' stock to a level attractive to individual investors, enhance our market liquidity and create a wider shareholder base for our company," Jones stated. "Moreover, our strategic positioning into key Sunbelt states gives our shareholders solid reason to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Compass' future growth." Compass Bancshares, Inc. is a $17.3 billion Sunbelt-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company which operates 277 full-service banking offices in Texas, Florida, Arizona and Alabama. Compass reported record earnings of $180.9 million for 1998. Shares of Compass' common stock are traded through the 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 national market system under the symbol CBSS. |
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