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ALLIED BANKSHARES DECLARES 10 PERCENT STOCK DIVIDEND, $.10 PER SHARE QUARTERLY CASH DIVIDEND ON ALL SHARES INCLUDING NEW DIVIDEND SHARES

ALLIED BANKSHARES DECLARES 10 PERCENT STOCK DIVIDEND, $.10 PER SHARE QUARTERLY CASH DIVIDEND ON ALL SHARES INCLUDING NEW DIVIDEND SHARES
 THOMSON, Ga., Oct. 15 /PRNewswire/ -- Boone A. Knox, chairman and chief executive officer of Allied Bankshares, Inc. (NASDAQ: ABGA) announced today that the company's board of directors had declared a 10 percent stock dividend and a regular quarterly cash dividend of $.10 per share payable on Nov. 30 to stockholders of record as of Nov. 13.
 The cash dividend will be paid on all shares outstanding including the shares issued for the stock dividend. Knox said that the board of directors declared the stock dividend as a result of increased quarterly earnings which were released last week.
 "The trends still appear to be heading in the right direction," said Knox. "1992 third quarter earnings per share increased 68 percent to $.32 per share from $.19 per share a year ago. Our non-performing assets have declined from September of last year and should decline further by year end. Non-performing assets were $1.7 million at September 30, 1992, as compared to $2.7 million at December 31, 1991, and $4.7 million at September 30, 1991. We have had a year to fold in our four newest branches in the Augusta market. These branches are performing better than expected and are continuing to increase market share in the Augusta area. Allied Bank of Georgia, our lead bank with total assets of $249 million at September 30, 1992, is the only bank with branches in all three counties comprising the Augusta MSA. Our plans call for continued growth in our existing markets as well as growth by further acquisitions should an attractive situation be found."
 -0- 10/15/92
 /CONTACT: Ben O. Howell Jr., chief financial officer of Allied Bankshares, 706-595-1142/
 (ABGA) CO: Allied Bankshares, Inc. ST: Georgia IN: FIN SU: DIV


EA-BR -- AT011 -- 0565 10/15/92 15:33 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
Words:319
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