State Street Corporation
Announces a Two-For-One
Stock Split and Increased
Quarterly Dividend
Boston, MA...December 21,
2000 -- The Board of Directors of
State Street Corporation today
voted to authorize a two-for-one
stock split in the form of a 100%
stock dividend, subject to the
approval of an increase in the
authorized shares by stockholders
at the annual meeting in April
2001. If the increase in
authorized shares is approved,
new shares will be distributed on
May 30, 2001 to stockholders of
record as of April 30, 2001.
The Board also increased State
Street's quarterly dividend $.02
per share, to $.19 per share. The
dividend is payable January 16,
2001, to stockholders of record as
of January 2, 2001.
State Street has increased its
dividend every six months since
December 1978. Following
today's action, the annual
dividend rate is 19% higher than a
year ago.
David A. Spina, president and
chief executive officer, said,
"State Street is positioned to
complete its 23rd consecutive
year of double-digit earnings per
share growth. The increase in the
cash dividend and the stock split
reflect this long-term record and
the significant increase in State
Street's stock price in the last
year. Despite the slowdown in
economic growth globally, we are
confident that State Street has
the focus, experience and
technology needed to continue to
create value for our stockholders."
With $6.2 trillion in assets under custody
and $712 billion under management,
State Street Corporation is the world's
leading specialist in serving institutional
investors. Offices are located in the
United States, Canada, Chile, Cayman
Islands, Netherlands Antilles, Ireland,
United Kingdom, Netherlands, France,
Belgium, Luxembourg, Switzerland,
Germany, Czech Republic, Austria, United
Arab Emirates, Russia, People's Republic
of China, Taiwan, South Korea, Japan,
Singapore, Australia, and New Zealand.
State Street Corporation's common stock
is traded on the New York Stock
Exchange under the symbol STT.
This news release contains
forward-looking statements as defined by
federal securities laws. Such statements
are based upon current beliefs and
expectations of State Street's
management and are subject to
significant risks and uncertainties. Actual
results may vary from those set forth in
the forward-looking statements.
Important factors that could cause actual
results to differ materially from those
indicated by any such forward-looking
statements are set forth in the company's
annual report and subsequent SEC filings.
These include risks and uncertainties
relating to synergies achievable with
acquired companies, the value of
worldwide financial markets, savings
rates of individuals, dynamics of markets
served, pricing and competition, and the
pace of new business. State Street
encourages investors to read the
corporation's 1999 annual report,
particularly the section on factors that
may affect financial results, and its SEC
filings for additional information with
respect to any forward-looking
statements. |
