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FIRST WESTERN BANCORP, INC. ANNOUNCES 10 PERCENT INCREASE IN QUARTERLY CASH DIVIDEND AND 5 PERCENT STOCK DIVIDEND

 NEW CASTLE, Pa., July 20 /PRNewswire/ -- At its regular board meeting today, First Western's (NASDAQ: FWBI) board of directors approved a 10 percent increase in the quarterly cash dividend rate, from $0.20 per share to $0.22 per share, as well as a 5 percent common stock dividend.
 The increased cash dividend, declared on 4,883,202 shares outstanding, has a record date of Aug. 2, 1993, and is payable on Aug. 6, 1993. The 5 percent stock dividend also has a record date of Aug. 2, 1993, and will be distributed to shareholders on Aug. 20, 1993. The stock dividend is payable after the cash dividend, such that the new shares will not accrue this quarter's cash dividend, but will be eligible for the regular cash dividend when declared in future quarters. It is the company's intention to maintain the increased cash dividend rate of $0.22, or an annualized $0.88 per share, after the new shares are issued. Thus, the total annualized rate of increase is approximately 15.5 percent.
 Fractional shares will be paid in cash at the rate of $30.65, which is the average of the last five days' closing prices for First Western's stock. Shareholders participating in the company's dividend reinvestment program may elect to transfer the fractional share or all of the stock dividend into their plan account, and for nonparticipating shareholders, a fractional share buy-up option will be offered.
 Thomas J. O'Shane, First Western's president and chief executive officer, stated, "The board is pleased to increase the cash dividend as well as distribute a 5 percent stock dividend, which continues a regular practice of considering stock dividends or stock splits on an almost annual basis since 1986. The increased dividend is a reflection of the company's excellent earnings growth rate, and helps to maintain the last five years' compound annual dividend growth rate of 8.3 percent."
 -0- 7/20/93
 /CONTACT: Robert H. Young, senior vice president-finance, secretary and treasurer, or Linda M. Spinelli, stock transfer supervisor, of First Western Bancorp, 412-652-8550, ext. 198/
 (FWBI)


CO: First Western Bancorp, Inc. ST: Pennsylvania IN: FIN SU: DIV

DM-CD -- PG011 -- 6834 07/20/93 12:43 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:366
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