The stock split is payable July 31, 1997 to shareholders of record July 1, 1997. No action is required by shareholders. Certificates now held will continue to represent the number of shares indicated. New certificates for a like number of shares will be issued to shareholders.
First Union's board also approved an increase in the company's regular quarterly common stock cash dividend from $0.58 to $0.64 per share, or $0.32 per share on a post-split basis. The common stock cash dividend is payable Sept. 15, 1997 to holders of record Aug. 29, 1997.
"The stock split and the increased dividend are clear indications of First Union's b financial performance and our confidence in the company's continued success," said Edward E. Crutchfield, chairman and chief executive officer of First Union Corp. "We are pleased with our track-record and look forward to further enhancing shareholder value."
First Union Corp. is a leading provider of financial services to more than 12 million retail and corporate customers throughout the East Coast and the nation. It is the nation's sixth-largest bank holding company with assets of approximately $137 billion as of March 31, 1997.
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