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FIRST NATIONAL BANK CORP. BOARD DECLARES SPECIAL STOCK DIVIDEND

 FIRST NATIONAL BANK CORP. BOARD DECLARES SPECIAL STOCK DIVIDEND
 MOUNT CLEMENS, Mich., March 25 /PRNewswire/ -- The board of directors of First National Bank Corp. (NASDAQ: MTCL) today declared a special 5 percent stock dividend, to be distributed beginning May 6 to shareholders of record April 15.
 This is the fifth consecutive year in which the corporation has declared and distributed a special stock dividend.
 "We are pleased to make this special distribution of common stock to our shareholders," said President and CEO Harold W. Allmacher. "The stock dividend follows the payment of special, along with our regular, quarterly cash dividends in fourth quarter 1991 and first quarter 1992."
 Certificates representing the 5 percent stock dividend will be distributed beginning May 6; fractional shares will be settled by cash based on the average between the closing bid and ask price as reported by NASDAQ on the day prior to the declaration date.
 The special stock dividend will result in an adjustment of the redemption price for the corporation's cancelable mandatory stock purchase contracts (equity contracts) due 1997 and the conversion price of its 9 percent convertible subordinated debentures due 2004.
 First National Bank Corp. is the parent of First National Bank in Macomb County and Bankers Fund Life Insurance Co. All are headquartered in Mount Clemens. At March 25, 1992, the corporation had 1,234,993 shares of common stock issued, 1,189,739 shares outstanding and 45,254 in Treasury stock.
 -0- 3/25/92
 /CONTACT: Lynda R. Thomas of First National Bank Corp., 313-465-2400, Ext. 261/
 (MTCL) CO: First National Bank Corp. ST: Michigan IN: FIN SU: DIV


KK -- DE018 -- 1660 03/25/92 16:23 EST
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Publication:PR Newswire
Date:Mar 25, 1992
Words:278
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