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Article: Summit Bancorp Announces Stock Split And Dividend Increase
- Article from:
- PR Newswire
- Article date:
- August 20, 1997
CopyrightCOPYRIGHT 1997 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. 20 /PRNewswire/ -- The Board of Directors of Summit Bancorp (NYSE: SUB) today announced a 3-for-2 stock split. The Board also approved a 12.5 percent increase in the company's quarterly common stock cash dividend from $.24 per common share (as adjusted for the stock split) to $.27 per share on a post-split basis. The common stock dividend is payable November 3, 1997 to shareholders of record October 9, 1997.
"The stock split and increased dividend are a result of the Board's recognition of Summit's financial performance and their confidence in our continued success," said Chairman and Chief Executive Officer T. Joseph Semrod. "The split ...