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Banking industry

FLAG Financial Corporation Declares Fourth Quarter Cash Dividend

Strategic Insights

— 1 min read

FLAG Financial Corporation, a multi-bank holding company, declared a fourth quarter cash dividend of $0.06 per share, marking the 47th consecutive quarterly dividend payment. The dividend is payable to shareholders of record on December 23, 1998, and is set to be distributed on January 1, 1999. This announcement comes as the company continues to expand its operations, with a definitive agreement to acquire The Brown Bank in Metter, Georgia, and a letter of intent to acquire the Blackshear, Georgia branch of First Georgia Bank.

Key Takeaways:

  • FLAG Financial Corporation declared a fourth quarter cash dividend of $0.06 per share, representing the 47th consecutive quarterly dividend payment.
  • The dividend is payable to shareholders of record on December 23, 1998, and is set to be distributed on January 1, 1999.
  • The company currently operates 21 offices serving communities in west central, middle, and southeast Georgia.
  • FLAG had total assets of approximately $524 million and shareholders' equity of over $45 million as of September 30, 1998.
  • The company has a definitive agreement to acquire The Brown Bank in Metter, Georgia, and a letter of intent to acquire the Blackshear, Georgia branch of First Georgia Bank.
  • On a combined pro forma basis, including the pending merger with The Brown Bank and the acquisition of the Blackshear branch, FLAG is expected to have more than $560 million in assets once the transactions are closed.
  • FLAG will have approximately 6.6 million shares outstanding, including shares issued as part of the merger transactions.

Statistics:

  • $0.06 per share: fourth quarter cash dividend declared by FLAG Financial Corporation.
  • 47: consecutive quarterly dividend payments made by FLAG Financial Corporation.
  • December 23, 1998: ex-dividend date for shareholders of record.
  • January 1, 1999: dividend distribution date.
  • 21: number of offices currently operated by FLAG in Georgia.
  • $524 million: total assets as of September 30, 1998.
  • $45 million: shareholders' equity as of September 30, 1998.
  • $560 million: expected total assets on a combined pro forma basis, including the pending merger with The Brown Bank and the acquisition of the Blackshear branch.
  • 6.6 million: approximately outstanding shares, including shares issued as part of the merger transactions.

Sources:

  • FLAG Financial Corporation, "FLAG Declares Fourth Quarter Cash Dividend," Business Wire, December 21, 1998.

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