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HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES DIVIDENDS

 HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES DIVIDENDS
 TAYLOR, Mich., March 17 /PRNewswire/ -- Heritage Bankcorp, Inc. (NASDAQ-NMS: HEBC) today announced a regular quarterly cash dividend of $.13 per share. The cash dividend is payable to shareholders of record on March 31, 1992, and is payable on or about April 15, 1992.
 The company also declared a 3-for-2 stock split in the form of a 50-percent stock dividend. The stock dividend is payable to shareholders of record on April 16, 1992, and is payable on or about May 15, 1992. The company will pay cash for any fractional shares that may be issuable as a result of the stock dividend.
 The company announced that the board of directors intends to declare and pay cash dividends in the future at an annual rate of $.40 per share, subject to earnings and other relevant factors at the time of declaration. After accounting for the stock dividend, the proposed new dividend rate represents an approximate 14-percent increase over the current annual dividend rate.
 Heritage Bankcorp, Inc. is the holding company for Heritage Federal Savings Bank. The bank serves southeast and northern Michigan through its home office and 44 full-service branch offices. Heritage Bankcorp, Inc. is quoted on the NASDAQ National Market System under the symbol HEBC.
 -0- 3/17/92
 /CONTACT: E.G. Wilkinson Jr., 313-285-1010, or Faye M. Tabor, 313-246-1219, both of Heritage Bankcorp/
 (HEBC) CO: Heritage Bankcorp, Inc. ST: Michigan IN: FIN SU: DIV


KK -- DE013 -- 8927 03/17/92 16:51 EST
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Publication:PR Newswire
Date:Mar 17, 1992
Words:251
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