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FIRST SECURITY DIRECTORS DECLARE THREE-FOR-TWO STOCK SPLIT AND INCREASE QUARTERLY CASH DIVIDEND

 FIRST SECURITY DIRECTORS DECLARE THREE-FOR-TWO STOCK SPLIT AND
 INCREASE QUARTERLY CASH DIVIDEND
 SALT LAKE CITY, May 4 /PRNewswire/ -- The directors of First Security Corp. (NASDAQ: FSCO) today voted to declare a three-for-two stock split in the form of a 50 percent stock dividend payable May 18, 1992 to shareholders of record on May 15, 1992. Shareholders will receive one additional share of stock for each two shares held.
 In addition, the directors voted to increase First Security's regular quarterly cash dividend 10.87 percent to 17 cents a share from $0.1533 a share, after adjusting for the stock split. The increased cash dividend, payable June 1 to shareholders of record on May 19, equals an annual rate of 68 cents a share, compared with $0.6132 a share after adjusting for the stock split. At a market price adjusted for the split, the annual dividend yield on First Security's common stock would approximate 3.2 percent.
 Spencer F. Eccles, chairman and chief executive officer of the Salt Lake City-based regional banking and financial services company, said, "Both the stock split and the increased cash dividend reflect the continued growth of earnings of the corporation and the sound economic health of the marketplace served by our First Security Banks. Moreover, the 50 percent stock dividend will increase the total number of First Security shares outstanding and should result in a more attractive price for the smaller investor in the retail market." The previous quarterly cash dividend rate of an adjusted $0.1533 per share was established in April 1991 when directors declared a three-for-two stock split payable in the form of a 50 percent stock dividend and increased the dividend from an adjusted $0.1422 per share.
 First Security's net income of $59.55 million earned in 1991 was the highest in the corporation's 63-year history, while first quarter 1992 net income of $18.47 million constituted its highest quarterly net operating earnings ever. First Security has paid cash dividends every quarter since its incorporation in 1928.
 First Security is the largest financial services organization headquartered in the Intermountain West. Incorporated in 1928, it is the oldest multistate bank holding company in the United States. It operates 208 full-service banking offices in Utah, Idaho, Oregon and Wyoming. Other subsidiaries include a leasing company, two insurance companies, an investment management firm and a full-service broker/dealer operation.
 -0- 5/4/92
 /CONTACT: Scott Ulbrich, 801-350-5706 or Phil Hudson, 801-350-5258, both of First Security/
 (FSCO) CO: First Security Corp. ST: Utah IN: FIN SU: DIV


BB-MC -- DV008 -- 6202 05/04/92 16:32 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:432
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