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MICHIGAN NATIONAL CORP. DECLARES DIVIDEND

 FARMINGTON HILLS, Mich., Sept. 15 /PRNewswire/ -- The board of directors of Michigan National Corp. (NASDAQ-NMS: MNCO) at its Sept. 15, 1993, meeting declared a regular quarterly cash dividend of 50 cents ($.50) per share on common stock, payable Oct. 15, 1993, to shareholders of record as of Oct. 1, 1993.
 The board of directors also announced that it will consider the declaration of its next regular dividend payment at the Jan. 19, 1994, meeting. This is one month later than it has historically considered the payment of a fourth-quarter dividend. The dividend consideration is being postponed to allow the board of directors to receive the quarterly financial results prior to considering the payment of a dividend for the quarter. The board will also consider the payment of a quarterly dividend in April, July and October 1994.
 Michigan National Corp. is a diversified financial services corporation with total assets of $10.5 billion. It is a bank holding company and a savings and loan holding company.
 Michigan National Corporation's principal subsidiary, Michigan National Bank, has approximately 190 branches throughout Michigan. Michigan National Corporation has its headquarters in Farmington Hills.
 -0- 9/15/93
 /CONTACT: Ariadne Magoulias, 313-473-3428, or Vernon Patterson (Investor Relations), 313-473-3076, both of Michigan National/
 (MNCO)


CO: Michigan National Corporation ST: Michigan IN: FIN SU: DIV

SM -- DE023 -- 2391 09/15/93 16:08 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
Words:226
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