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Article: Summit Bancorp Increases Dividend 12.5 Percent
- Article from:
- PR Newswire
- Article date:
- August 21, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PRINCETON, N.J., Aug. 21 /PRNewswire/ -- The Board of Directors of Summit Bancorp (NYSE: SUB) today approved a 12.5 percent increase in the company's quarterly common stock dividend to $.36 per share, up from the previous rate of $.32 per common share, which marks the third increase in the last two years. This represents an annualized dividend rate of $1.44 per share, the highest in the company's history. The quarterly cash dividend will be payable November 1, 1996 to shareholders of record October 5, 1996.
Chairman T. Joseph Semrod said, "This shows the confidence that our Board of Directors has in the progress the company has made with the integration of our ...