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MNC FINANCIAL, INC. DECLARES FIRST QUARTER PREFERRED STOCK DIVIDENDS; CURES ARREARAGES ON PREFERRED STOCK DIVIDENDS OWED

 BALTIMORE, March 18 /PRNewswire/ -- The Board of Directors of MNC Financial, Inc. (NYSE: MNC) today declared first quarter 1993 dividends on its Adjustable Rate Cumulative Preferred Stock Series CC and DD. MNC concurrently announced the payment of all Preferred Stock dividends in arrears, representing an aggregate amount of approximately $15.5 million owed from Oct. 1, 1990, through Dec. 31, 1992.
 The rates on the first quarter 1993 Preferred Stock dividends which were declared today for the period Jan. 1, 1993, through March 31, 1993, are as follows:
 Series CC: 6.40 percent per annum, or $0.800 per share
 Series DD: 6.20 percent per annum, or $0.775 per share
 The above dividends are payable March 31, 1993, to stockholders of record March 29, 1993.
 MNC also said it will pay the dividend arrearage and cure the mandatory redemption arrearage with respect to its $11.25 Cumulative Convertible Preferred Stock.
 MNC Financial President and CEO Frank P. Bramble said: "We are pleased that MNC's financial performance has enabled us to bring our Preferred dividends current."
 -0- 3/18/93
 /CONTACT: Charles L. Davis, vice president and director of Investor Relations of MNC Financial, 410-547-4410/
 (MNC)


CO: MNC Financial, Inc. ST: Maryland IN: FIN SU: DIV

MJ-LJ -- PH019 -- 0142 03/18/93 13:38 EST
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Publication:PR Newswire
Date:Mar 18, 1993
Words:216
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