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FIRST FEDERAL SAVINGS BANK OF PUERTO RICO ANNOUNCES STOCK SPLIT

 SAN JUAN, Puerto Rico, Oct. 18 /PRNewswire/ -- First Federal Savings Bank of Puerto Rico (NYSE: FBP), today announced that its board of directors has declared a three-for-two, (or 50 percent) stock split, for the issuance of approximately 3,272,470 of authorized but previously unissued common stock of the savings bank. The shares will be distributed on Nov. 15, 1993, to holders of record, in proportion to their holdings, at the close of business on Oct. 29, 1993. Payments in lieu of fractional shares will be at a rate of $20.50 per each full share.
 For the 12 months ended Oct. 13, 1993, First Federal's stock price has experienced a return of 187.9 percent. "The market has recognized First Federal's improved performance in all aspects of its operations," said Angel Alvarez P rez, president and chief executive officer of the bank. "The reason for this split is to enhance the trading volumes of our stock, by making it more accessible to individual investors and more available to institutional investors."
 First Federal Savings Bank, with $1.9 billion in total assets, is the largest savings institution in Puerto Rico, and second among local banking institutions, including local commercial banks. The Bank, which exceeds all capital requirements, operates 30 branches in Miami, through its wholly owned subsidiary, First Florida Savings Bank.
 -0- 10/18/93
 /CONTACT: Annie Astor de Carbonell, executive vice president and chief financial officer of First Federal Savings Bank of Puerto Rico, 809-724-1715/
 (FBP)


CO: First Federal Savings Bank of Puerto Rico ST: Puerto Rico IN: FIN SU:

JB-JV -- FL005 -- 3322 10/18/93 11:01 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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