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PARKVALE FINANCIAL CORPORATION ANNOUNCES STOCK SPLIT AND CASH DIVIDEND

 MONROEVILLE, Pa., Sept. 23 /PRNewswire/ -- Parkvale Financial Corporation (NASDAQ: PVSA) announced today that its board of directors, at its Sept. 22 board meeting, declared a 5-for-4 stock split of the corporation's common stock.
 The stock dividend is payable on Oct. 28, 1993, to stockholders of record at the close of business on Oct. 4, 1993. As a result of the stock split, the corporation's outstanding shares will increase 25 percent to approximately 2,143,900 from the current number of 1,715,150. No fractional shares will be issued. Shareholders who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu of fractional shares at a rate based on the market price of the common stock on the record date.
 The corporation also announced today that the board of directors declared the regular quarterly dividend of $.13 per share to stockholders of record at the close of business on Oct. 4, 1993, to be paid on Oct. 28, 1993. This cash dividend, because of the stock split, is being paid on 25 percent more shares than previous dividends, thereby increasing the cash pay out to stockholders by 25 percent.
 Robert J. McCarthy, Jr., president and chief executive officer, reported that the continuing profitability of Parkvale Savings Bank and the significant appreciation in the corporation's common stock justified the stock split and the increase in the dividend payment.
 Parkvale Savings Bank, the corporation's primary subsidiary, operates 26 offices in the Greater Pittsburgh area and had approximately $900 million in assets at Aug. 31, 1993.
 -0- 9/23/93
 /CONTACT: Robert J. McCarthy, Jr., president and CEO, 412-373-4815, or Timothy G. Rubritz, 412-373-4817, both of Parkvale/
 (PVSA)


CO: Parkvale Financial Corporation ST: Pennsylvania IN: FIN SU: DIV

DM-BM -- PG012 -- 5186 09/23/93 11:54 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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