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FIRST FIDELITY BOOSTS QUARTERLY DIVIDEND 10 PERCENT TO $.33 PER SHARE

FIRST FIDELITY BOOSTS QUARTERLY DIVIDEND 10 PERCENT TO $.33 PER SHARE
 LAWRENCEVILLE, N.J., Oct. 15 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) today raised the regular quarterly dividend on the common stock 10 percent to $.33 per share from $.30 per share. The dividend is payable on Nov. 3, 1992, to shareholders of record at the close of business on Oct. 26.
 "I am pleased to announce this dividend increase," Tony Terracciano, First Fidelity chairman and chief executive officer, said. "In light of the company's positive earnings trend and strong capital position, an increase now is appropriate. Our objective is to maintain a dividend payout ratio on the common stock in the 30-to-35 percent range."
 On Wednesday of this week, First Fidelity reported third quarter 1992 earnings of $82.3 million, a 48.8 percent increase from third quarter 1991 earnings of $55.3 million. Earnings per share on a fully diluted basis were $1.01 up from $.81 in the third quarter of 1991.
 On Oct. 2, First Fidelity, in a government-assisted transaction, purchased $3.0 billion in assets and 70 branches and assumed $3.4 billion in deposits of The Howard Savings Bank, of Newark, N.J., from the Federal Deposit Insurance Corporation, acting as receiver.
 First Fidelity is the largest banking organization headquartered in New Jersey. With more than 550 branches in eastern Pennsylvania, New Jersey and New York, its principal affiliates are the First Fidelity banks in New Jersey and New York, Fidelity Bank of Philadelphia, Merchants Bank of Allentown, Pa., and Merchants Bank (North) of Wilkes- Barre, Pa.
 /delval/
 -0- 10/15/92
 /CONTACT: Paul J. Levine (media), 201-565-2949, or Laura A. Schaible (analysts), 201-565-3397, both of First Fidelity Bancorporation/
 (FFB) CO: First Fidelity Bancorporation ST: New Jersey IN: FIN SU: DIV


CC -- PH017 -- 0375 10/15/92 11:31 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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