GRANT STREET NATIONAL BANK (IN LIQUIDATION) DECLARES SENIOR PREFERRED STOCK DIVIDEND
GRANT STREET NATIONAL BANK (IN LIQUIDATION)
DECLARES SENIOR PREFERRED STOCK DIVIDEND
PITTSBURGH, Nov. 1 /PRNewswire/ -- The board of directors of Grant Street National Bank (in liquidation) has declared a dividend of $4.25 per share on each outstanding share of the bank's senior preferred stock payable Nov. 1, 1991, to shareholders of record on that date, it was announced today.
This dividend will be paid by the issue of 10,407 additional shares of senior preferred stock, in lieu of cash. At present, Mellon Bank Corporation (NYSE: MEL) owns all outstanding shares of the senior preferred stock.
No dividend was declared, or is payable, on the bank's common stock which was distributed Nov. 30, 1988, by Mellon Bank to its shareholders of record on Oct. 31, 1988, nor was any dividend declared, or is payable, on Grant Street's outstanding junior preferred stock.
/CONTACT: Robert L. Logan of Grant Street National Bank, 412-391-3769/
(MEL) CO: Grant Street National Bank; Mellon Bank Corporation ST: Pennsylvania IN: FIN SU: DIV CD -- PG003 -- 0106 11/01/91 09:53 EST