Printer Friendly

WEBSTER DECLARES 10 PERCENT STOCK DIVIDEND

 WATERBURY, Conn., May 24 /PRNewswire/ -- Webster Financial Corporation (NASDAQ-NMS: WBST), holding company for Waterbury-based First Federal Bank, announced today the declaration of a 10 percent stock dividend payable on June 30, 1993 to holders of its Common Stock of record on June 4, 1993. In declaring the stock dividend, the board of directors indicated its intention to continue paying quarterly cash dividends at the annual rate of $.52 per share effectively increasing by 10 percent the cash dividend return to existing shareholders. After giving effect to the stock dividend, Webster will have outstanding (net of treasury shares) 3,546,245 shares of Common Stock.
 James C. Smith, president and chief executive officer of Webster, stated: "The 10 percent stock dividend and the board's intention to continue the cash dividend at the same rate reflect Webster's continued strong financial condition and increased earnings. The stock dividend, by increasing the number of outstanding shares, is also intended to provide greater liquidity for investors in the Common Stock."
 The 10 percent stock dividend will result in an adjustment after the record date in the conversion price of Webster's Series B7-1/2 percent Cumulative Convertible Preferred Stock from $19.17 (equivalent to 5.22 shares of Common Stock per Series B share) to 17.43 (equivalent to 5.74 shares of Common Stock per Series B share), so that a total of 1,434,533 shares of Common Stock will be reserved for issuance upon conversion of the 250,000 outstanding shares of Series B.
 Webster Financial Corporation is the holding company for First Federal Bank, a federal savings bank headquartered in Waterbury. At March 31, 1993, Webster had total assets of $2.1 billion and shareholders' equity of $116.5 million, or $22.72 per share of Common Stock prior to the stock dividend, or $20.91 per share after giving effect to the 10 percent stock dividend. First Federal Bank, founded in 1935, serves communities in New Haven, Fairfield, Hartford, and Litchfield counties from 32 banking offices in Connecticut.
 Through First Federal, Webster is engaged primarily in the business of attracting deposits from the general public and investing these funds in loans for the purchase, construction, or refinancing of one- to four- family homes.
 -0- 5/24/93
 /CONTACT: James C. Smith of First Federal, 203-578-2214/
 (WBST)


CO: Webster Financial ST: Connecticut IN: FIN SU:

DD -- NE010 -- 3450 05/24/93 17:15 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 24, 1993
Words:402
Previous Article:HUMPHRIES TO RETIRE AS HEAD OF CARGILL NORTH AMERICA; STALEY TO ASSUME POST
Next Article:ICAHN CONFIRMS BID FOR OPERATING ASSETS OF E-II HOLDINGS
Topics:


Related Articles
REGENT BANCSHARES DECLARES DIVIDEND
CHEMICAL BANKING DECLARES DIVIDEND
ALLIED BANKSHARES DECLARES 10 PERCENT STOCK DIVIDEND, $.10 PER SHARE QUARTERLY CASH DIVIDEND ON ALL SHARES INCLUDING NEW DIVIDEND SHARES
REGENT BANCSHARES DECLARES DIVIDEND
WEBSTER DECLARES REGULAR CASH DIVIDENDS ON PREFERRED STOCK
FIRST WESTERN BANCORP, INC. ANNOUNCES 10 PERCENT INCREASE IN QUARTERLY CASH DIVIDEND AND 5 PERCENT STOCK DIVIDEND
WEBSTER FINANCIAL CORPORATION DECLARES $.13 REGULAR QUARTERLY CASH DIVIDEND
WEBSTER FINANCIAL CORPORATION DECLARES PREFERRED STOCK DIVIDEND
Webster Declares Quarterly Dividend on Preferred Stock and Announces Plans to Redeem Issue
Webster Declares Quarterly Common Stock Dividend

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