Compass Bancshares increases dividend, announces stock split following record year.BIRMINGHAM, Ala.--(BUSINESS WIRE)--Feb. 18, 1997--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 $.355 per share, an 11 percent increase over the prior quarter. The dividend is payable on April 1, 1997 to all shareholders of record on March 17, 1997. The indicated annual dividend of $1.42 per share represents the 16th consecutive year that Compass has increased its dividend to shareholders. The dividend follows Compass' ninth consecutive year of record earnings. For 1996, the company reported record net income per common share of $3.19 which represents a 13 percent increase over the prior year. 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 42 million to 62 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 17, 1997 record date. The additional shares will be distributed on April 2, 1997 after the payment of the quarterly cash dividend. Shareholders entitled to receive fractional shares will receive cash based on the market price on March 31, 1997. "We are pleased that our board can once again increase the reward to shareholders for their investment in our company," Compass chairman and chief executive officer D. Paul Jones Paul Jones can refer to:
"At the same time, the split should bring the market value of Compass' stock to a level more attractive to individual investors, enhance our market liquidity and create a wider shareholder base for our company," Jones said. In other company business, prominent Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. businessman and banker Jack C. Demetree, Sr. was appointed to a two-year term on the Compass Bancshares board of directors expiring in 1999. He is the former chairman of CFB CFB Canadian Forces Base Bancorp, Inc. which was acquired by Compass last year in its largest Florida acquisition to date. A well-known contractor and real estate developer, Demetree is the first Floridian to serve on the Compass Bancshares board. He is a graduate of Florida State University Florida State University, at Tallahassee; coeducational; chartered 1851, opened 1857. Present name was adopted in 1947. Special research facilities include those in nuclear science and oceanography. and holds a law degree from the University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. . Compass Bancshares, Inc. is an $11.8 billion bank holding company based in Birmingham, Alabama, with 211 offices in Alabama, Florida and Texas. Compass reported record earnings of $129 million for 1996, and has a capital base of $803 million. Over the past five years, Compass earnings per share and indicated 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 14 percent and 16 percent respectively. Compass assets during the same period have grown at a compound annual rate of 11 percent. When pending acquisitions are completed, Compass assets will exceed $12.4 billion. Shares of Compass Bancshares 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. CONTACT: Compass Bancshares, Inc., Birmingham Michael Bean, 205/558-5740 Ellen Laden, 205/933-3554 |
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