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FIRST NATIONAL BANCORP DECLARES STOCK SPLIT AND FOURTH QUARTER DIVIDEND Stock Split Declaration

FIRST NATIONAL BANCORP DECLARES STOCK SPLIT AND FOURTH QUARTER DIVIDEND
 Stock Split Declaration
 GAINESVILLE, Ga., Sept. 24 /PRNewswire/ -- On Sept. 23, the board of directors of First National Bancorp (NASDAQ: FBAC) declared a three-for- two stock split to be effected in the form of a stock dividend.
 According to Bancorp Chairman and CEO Richard A. McNeece, this action reflects the board's desire to improve liquidity in Bancorp stock, as well as recognition of slowly improving economic conditions which ultimately will support continued progress in earnings and loan quality. Shareholders of record on Oct. 20 will receive one additional share of the company's $1.00 par value common stock for each two shares owned, payable Nov. 16. No fractional shares will be issued (other than through the dividend reinvestment plan) and shareholders will receive a cash payment for any fractional shares resulting in the conversion calculation.
 Fourth Quarter Dividend Declaration
 Commensurate with the stock dividend, on Sept. 23, the board declared a fourth quarter dividend of $.17 per share based on outstanding shares after the three-for-two stock split, representing a 4.1 percent increase over the adjusted third quarter 1992 declaration of $.163. The fourth quarter dividend will be payable Jan. 1, 1993, to shareholders of record on Dec. 15, 1992. For the full year, dividends declared per share of $.64, based on post-stock dividend shares outstanding, are up $.093, or 17.1 percent over the full year 1991 declaration.
 First National Bancorp currently has outstanding 9,655,991 shares owned by approximately 4,800 shareholders. First National Bancorp has assets of over $1.8 billion and is a north Georgia-based bank holding company with 12 affiliate banks.
 -0- 9/24/92
 /CONTACT: Peter D. Miller, president and CFO of First National Bancorp, 404-503-2102/
 (FBAC) CO: First National Bancorp ST: Georgia IN: FIN SU: DIV


EA-BR -- AT011 -- 3260 09/24/92 16:11 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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