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Commercial Bankshares, Inc. Declares Common Stock And Cash Dividends

MIAMI, Nov. 25 /PRNewswire/ -- Miami-based Commercial Bankshares, Inc., (Nasdaq: CLBK) announced today that on November 15, 1996, its Board of Directors declared a common stock dividend and cash dividend. The stock dividend is payable on January 3, 1997, to all common shareholders of record as of December 10, 1996. Stockholders will receive a stock dividend in the amount of one share for each twenty shares of common stock. Cash will be paid in lieu of fractional shares. In addition, stockholders will receive a cash dividend of $.10 per share, payable on January 3, 1997, to all common shareholders of record as of December 11, 1997. The cash dividend will include any stock received pursuant to the stock dividend.

Joseph W. Armaly, Chief Executive Officer of the Company, stated that the Board of Directors determined that the issuance of a stock dividend and payment of a cash dividend were appropriate in light of the company's capital position and financial condition.

Commercial Bankshares, Inc., is the holding company for Commercial Bank of Florida, which conducts business through its main office and 12 branch offices located in Dade and Broward Counties, Florida. At October 31, 1996, the Company had 3,188,810 shares of common stock issued and outstanding and total assets of $355 million on a consolidated basis.

SOURCE Commercial Bankshares, Inc.
 -0- 11/25/96

/CONTACT: Barbara E. Reed, Chief Financial Officer, Commercial Bankshares, Inc., 305-267-1200/


CO: Commercial Bankshares, Inc. ST: Florida IN: FIN SU: DIV

MS-JB -- FLM021 -- 3932 11/25/96 16:47 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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