Printer Friendly

PRIME BANCORP DECLARES 22 PERCENT INCREASE IN QUARTERLY DIVIDEND

 PRIME BANCORP DECLARES 22 PERCENT INCREASE IN QUARTERLY DIVIDEND
 PHILADELPHIA, Dec. 20 /PRNewswire/ -- The board of directors of Prime Bancorp, Inc. (NASDAQ-NMS: PSAB), the holding company of Prime Savings Bank, fsb, has increased the dividend to 11 cents per share, it was announced today.
 This cash dividend will be payable on Feb. 1, 1992, to shareholders of record on Jan. 2. It represents an increase of 22.2 percent from the 9 cents paid in the last quarter. Prime Bancorp, Inc. has increased its cash dividend by 120 percent since becoming a stock corporation in November 1988.
 President and Chief Executive Officer Erwin T. Straw stressed, "Prime's continued strong earnings producing a 1.15 percent return on assets, a 10.33 percent return on equity and a fortress-like capital of 11.31 percent supports another dividend increase. Our current stock price of $10 per share provides a yield of 4.4 percent.
 Prime Bancorp, Inc.'s stock is listed on the NASDAQ National Market System under the symbol "PSAB." Its price at the close of business on Dec. 19, 1991, was $10. The book value per share at Sept. 30, 1991, of $15.44 gives Prime a stated price to book value of 65 percent.
 Prime Bancorp, Inc. is headquartered in Philadelphia. Prime Savings Bank, fsb, is a federally chartered savings bank, which is insured by the Savings Association Insurance Fund, which is administered by the Federal Deposit Insurance Corporation. The bank conducts operations in Philadelphia, Bucks and Montgomery counties through nine full-service offices.
 /delval/
 -0- 12/20/91
 /CONTACT: Erwin T. Straw, president and chief executive officer of Prime Bancorp, 215-742-5300/
 (PSAB) CO: Prime Bancorp, Inc. ST: Pennsylvania IN: FIN SU: DIV


KA-CC -- PH030 -- 2678 12/20/91 13:32 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 20, 1991
Words:292
Previous Article:RUSSELL REYNOLDS ASSOCIATES APPOINTS FOUR NEW MANAGING DIRECTORS
Next Article:ROBERTS PHARMACEUTICALS NOTIFIED OF AMATINE APPROVABILITY IN NEW ZEALAND
Topics:


Related Articles
INCREASE IN DIVIDEND DECLARED FOR COMMERCIAL BANCORP SHAREHOLDERS
U.S. BANCORP DECLARES CASH DIVIDEND
WEST COAST BANCORP DECLARES DIVIDEND
ATLANFED BANCORP, INC., DECLARES DIVIDEND
MERIDIAN DECLARES QUARTERLY DIVIDEND
WEST COAST BANCORP DECLARES TEN PERCENT STOCK DIVIDEND AND 8 CENTS PER SHARE QUARTERLY CASH DIVIDEND
Summit Bancorp Increases Dividend 12.5 Percent
S&T Bancorp Declares Quarterly Dividend and Stock Split.
S&T Bancorp Increases Dividend and Announces Buyback.
S&T Bancorp Increases Dividend.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters