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Commercial banks

First Commercial Corporation Declares Quarterly Dividend and Announces Repurchase of Shares

Strategic Insights

— 1 min read

First Commercial Corporation, a $6.9 billion bank holding company, has declared a quarterly cash dividend of 28 cents per share for shareholders of record as of March 17, 1998. The payment will be made on April 1, 1998. Additionally, the company has authorized the repurchase of up to 1.3 million shares of its common stock in the open market at prevailing market prices or in negotiated transactions. This move follows the company's announcement to acquire Kemmons Wilson, Inc., the parent company of KW Bancshares, Inc., which owns Federal Savings Bank.

Key Takeaways:

  • First Commercial Corporation declared a quarterly cash dividend of 28 cents per share, payable to shareholders of record as of March 17, 1998.
  • The dividend payment will be made on April 1, 1998.
  • The company has authorized the repurchase of up to 1.3 million shares of its common stock at prevailing market prices or in negotiated transactions.
  • The share repurchase is in connection with the company's acquisition of Kemmons Wilson, Inc., announced in October 1997, which is expected to close in the first quarter of 1998.
  • First Commercial Corporation has affiliate banks in Arkansas, Tennessee, Texas, and Louisiana, as well as a 50% interest in two banks in Oklahoma.
  • The company's non-bank subsidiaries include First Commercial Mortgage Company, First Commercial Trust Company, N.A., First Commercial Investments, Inc., First Commercial Capital Management, and Commercial Capital Funding, Inc.

Statistics:

  • The quarterly cash dividend is set at 28 cents per share.
  • The payment will be made on April 1, 1998.
  • Up to 1.3 million shares of common stock may be repurchased.
  • The share repurchase is part of an acquisition that was announced in October 1997, which is expected to close in the first quarter of 1998.
  • First Commercial Corporation has $6.9 billion in assets.
  • The company has 1.3 million shares available for repurchase.

Sources:

  • First Commercial Corporation, "First Commercial Corporation Declares Quarterly Dividend and Announces Repurchase of Shares" (Business Wire, February 17, 1998)
  • First Commercial Corporation, "FCC's Board Announces Purchase Plan" (Business Wire, October [ missing date, 1997])

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