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FIRST FIDELITY RAISES QUARTERLY DIVIDEND

 PHILADELPHIA, April 20 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) today raised the quarterly dividend on the common stock by $.04 per share to $.37 per share from $.33 per share. The 12.1 percent- higher dividend is payable on May 7, 1993, to shareholders of record at the close of business on April 30.
 First Fidelity last raised its quarterly dividend on the common stock in October 1992 to $.33 per share from $.30 per share.
 Last week, the company reported record first quarter earnings of $1.09 per share on a fully diluted basis, before a one-time net after- tax gain due to accounting changes. Including this one-time net gain, earnings per share on a fully diluted basis were $1.12.
 The company also announced last week that it had entered into a definitive agreement to acquire Peoples Westchester Savings Bank of Westchester County, N.Y., and had reached an agreement in principle to purchase all eight New Jersey branches of The Dime Savings Bank and to assume its deposits.
 First Fidelity is the largest banking company headquartered in New Jersey and among the 25 largest in the country. It operates more than 550 branches in the First Fidelity banks of New Jersey and New York; Fidelity Bank, of Philadelphia; Merchants Bank, of Allentown, Pa.; and Merchants Bank (North), of Wilkes-Barre, Pa.
 /delval/
 -0- 4/20/93
 /CONTACT: Paul J. Levine, 215-985-8117, or Laura A. Schaible (financial), 201-565-3397, both of First Fidelity/


CO: First Fidelity Bancorporation ST: Pennsylvania, New Jersey IN: FIN SU: DIV

LJ-JM -- PHOO9 -- 7897 04/20/93 10:03 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:264
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