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ATLANFED BANCORP, INC., DECLARES DIVIDEND

 BALTIMORE, June 15 /PRNewswire/ -- Atlanfed Bancorp, Inc. (NASDAQ-NMS: AFED) announced that its board of directors declared a quarterly cash dividend of 9 cents per share, to be paid on July 15, 1993, to stockholders of record as of the close of business on June 30, 1993. This is the 23rd consecutive quarterly dividend paid to stockholders and a 12.5 percent increase over the previous quarter.
 Atlanfed Bancorp previously announced that a 5-for-4 stock split in the form of a 25 percent stock dividend will be paid on June 25, 1993, to stockholders of record as of the close of business on June 8, 1993. The number of shares outstanding will increase from 1,091,251 to approximately 1,364,000 after the payment of the dividend. The stock dividend will give each stockholder a 25 percent increase in the number of shares of Atlanfed Bancorp Common Stock. The 9 cents cash dividend combined with the additional shares will automatically increase the aggregate cash dividend by 12.5 percent. Atlanfed, which converted to a stock institution in May 1986, has increased its dividend to stockholders for six consecutive years since its first dividend payment in 1987. The company recently announced record earnings of $1,877,502 or $1.68 per share for its year ended March 31, 1993, an increase of 15.4 percent over the preceding year.
 Atlanfed's primary subsidiary, Atlantic Federal Savings Bank, was founded in 1897 and currently operates 10 branches throughout the state of Maryland. Atlantic Home Mortgage Corporation, the bank's mortgage banking subsidiary, operates loan production offices in Towson, Pasadena, Elkton and Bel Air, Md. Mid-Atlantic Title Company and William J. Currie Associates are also subsidiaries of Atlanfed Bancorp.
 -0- 6/15/93
 /CONTACT: Michael P. Gavin, executive vice president, or Anthony R. Cole, vice president and controller, 410-938-8610, both of Atlanfed Bancorp, Inc./
 (AFED)


CO: Atlanfed Bancorp, Inc. ST: Maryland IN: FIN SU: DIV

KD-DC -- DC021 -- 2105 06/15/93 12:05 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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