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FOURTH FINANCIAL SHAREHOLDERS AUTHORIZE NEW CLASS OF PREFERRED STOCK

 FOURTH FINANCIAL SHAREHOLDERS AUTHORIZE NEW CLASS OF PREFERRED STOCK
 WICHITA, Kan., April 16 /PRNewswire/ -- In action taken at the annual meeting, Fourth Financial Corp. (NASDAQ: FRTH) shareholders today approved an amendment to the company's Articles of Incorporation creating a new class of 5 million preferred shares. The action increased the company's total authorized shares to 55,250,000.
 "While we do not have any plans to issue additional shares at present, the new class of preferred stock gives us the flexibility to raise additional capital on the most favorable terms available as the need arises," said Fourth Financial Chairman and Chief Executive Officer Darrell G. Knudson. He added, "All our previously authorized preferred shares were issued in our recent public offering. The board felt we needed to have the ability to issue preferred shares as one of the means to finance continued growth over the long-term. With interstate banking looming large in our future, we want to be prepared to take advantage of opportunities as they present themselves."
 In his remarks prepared for the meeting, Knudson told shareholders that Fourth Financial is prepared to meet the challenges of the new banking environment. "As a quick overview, we have the capital strength and are making acquisitions, we are aggressively launching new products to satisfy customer needs and our first quarter financial performance is on a par with our expectations."
 In other actions taken at the meeting, shareholders re-elected four directors to three-year terms on the board and ratified the appointment of independent public accountants. Elected to the board were Lionel D. Alford, retired senior vice president of the Boeing Company; Thomas R. Clevenger, investor and former vice chairman of the company; Thomas R. Devlin, former chairman of Rent-A-Center, Inc.; and Jordan L. Haines, retired chairman of the board of Fourth Financial. All are residents of Wichita.
 Fourth Financial Corp. is a Wichita-based financial services company with consolidated assets of $4.2 billion. It operates 67 offices in 28 communities through its subsidiary, Bank IV Kansas, N.A., which provides a full line of banking services to customers in the markets it serves. Fourth Financial Corp.'s common stock and depositary shares are traded on the NASDAQ National Market System under the symbols "FRTH" and "FRTHZ," respectively.
 -0- 4/16/92
 /CONTACT: Michael J. Shonka, senior vice president, chief financial officer of Fourth Financial, 316-261-4510; or Jack Queeney or Michael Arneth, 312-266-7800, or Regina Ryan, 212-661-8030, all of FRB, for Fourth Financial/
 (FRTH) CO: Fourth Financial Corp. ST: Kansas IN: FIN SU:


PS -- NY115 -- 9584 04/16/92 18:47 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
Words:429
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