Printer Friendly

FIRST UNION CORPORATION INCREASES CASH DIVIDEND ON COMMON STOCK

 FIRST UNION CORPORATION INCREASES CASH DIVIDEND ON COMMON STOCK
 CHARLOTTE, N.C., Oct. 20 /PRNEWWIRE/ The board of directors of First Union Corporation (NYSE: FTU FTUpr) today declared a quarterly cash dividend of 35 cents per share for its common stock, an increase of 4 cents per share, or 13 percent, from the third quarter of 1992.
 The common stock dividend is payable Dec. 15 to holders of record as of Nov. 27. On an annualized basis, the dividend rate is $1.40 per share, compared to the prior annual rate of $1.24 per share.
 "Our decision to increase the dividend reflects our commitment to increasing value for our shareholders," said Edward E. Crutchfield Jr., First Union Corporation chairman and chief executive officer. "As we've focused on the fundamentals -- customer service and credit quality, together with growth through several government-assisted in-market acquisitions -- our company has demonstrated continued progress over the past year, which is reflected in the increased dividend rate."
 The board also declared a quarterly cash dividend for its series 1990 cumulative perpetual adjustable rate preferred stock. The dividend rate for the series 1990 preferred stock is 8.30 percent per annum, applied against $50.00 ($1.0375 per share), and is payable Dec. 31 to holders of record as of Dec. 15.
 First Union Corporation is the nation's 11th largest bank holding company, based on assets of $48.3 billion (excluding pending acquisitions) as of Sept. 30, 1992, and as of such date operated 898 banking offices in Florida, North Carolina, South Carolina and Georgia, one banking office in Nashville, Tennessee and 200 nonbanking offices in 36 states.
 -0- 10/20/92
 /CONTACT: Investor Relations Contact - Barbara Massa, 704-374-2555, or Maggie Norris, 704-374-4353; Media Contact - Jeep Bryant, 704-374-2957, or Donna Stockton, 704-374-6999, all of First Union Corporation/
 (FTU) CO: First Union Corporation ST: North Carolina IN: FIN SU: DIV


DF -- CH006 -- 2381 10/20/92 14:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1992
Words:321
Previous Article:BELLSOUTH REPORTS THIRD QUARTER RESULTS
Next Article:CITIZENS FIRST BANCORP, INC. REPORTS DRAMATIC INCREASE IN EARNINGS
Topics:


Related Articles
FIRST UNION CORPORATION DECLARES CASH DIVIDENDS ON COMMON AND PREFERRED STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDENDS ON COMMON AND PREFERRED STOCK
FIRST UNION CORPORATION INCREASES CASH DIVIDEND ON COMMON STOCK; DECLARES CASH DIVIDEND ON PREFERRED STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDEND ON PREFERRED STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDEND ON COMMON AND PREFERRED STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDEND ON COMMON STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDEND ON COMMON STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDEND ON COMMON AND PREFERRED STOCK
FIRST UNION CORPORATION DECLARES CASH DIVIDEND ON COMMON STOCK
FIRST UNION CORPORATION INCREASES CASH DIVIDEND ON COMMON STOCK

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters