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OLD KENT ANNOUNCES 3-FOR-2 STOCK SPLIT AND INCREASED CASH DIVIDEND

 OLD KENT ANNOUNCES 3-FOR-2 STOCK SPLIT AND INCREASED CASH DIVIDEND
 GRAND RAPIDS, Mich., June 15 /PRNewswire/ -- John C. Canepa, chairman, president and chief executive officer of Old Kent Financial Corporation (NASDAQ-NMS: OKEN), announced that the board of directors approved a 3-for-2 stock split and a related 11.3-percent cash dividend increase at a meeting held today, June 15, 1992.
 The 3-for-2 (50 percent) stock split on the corporation's common stock, $1 par value, is payable Sept. 15, 1992, to stockholders of record Aug. 28, 1992.
 The board also declared a $.23 per share quarterly cash dividend on the corporation's common stock payable Sept. 15, 1992, to stockholders of record Aug. 28, 1992. This dividend will be paid on all common shares outstanding, including those to be issued as a result of the 3-for-2 split. On an annual basis, this represents $.92 per share, which is an 11.3-percent increase over the equivalent dividend paid on common stock prior to the stock split. The cash dividend increase will be the 20th annual increase since the holding company was organized in 1972. The third quarter of 1992 also marks the 80th consecutive quarter that Old Kent Financial Corporation has paid a dividend.
 Old Kent Financial Corporation has assets of $9.0 billion and total equity of $651 million as of March 31, 1992. Old Kent is a bank holding company headquartered in Grand Rapids, with 15 affiliate banks and 190 offices throughout Michigan and one affiliate bank with 13 offices in Illinois.
 -0- 6/15/92
 /CONTACT: Richard W. Wroten, chief financial officer, Old Kent Financial Corporation, 616-771-5808/
 (OKEN) CO: Old Kent Financial Corporation ST: Michigan IN: FIN SU: DIV


JG -- DE031 -- 0343 06/15/92 17:01 EDT
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Publication:PR Newswire
Date:Jun 15, 1992
Words:287
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