First Colorado Bancorp, Inc. Announces Increased Cash Dividend
LAKEWOOD, Colo., Dec. 17 /PRNewswire/ -- Malcolm E. Collier, Chairman of
First Colorado Bancorp, Inc. (Nasdaq: FFBA - news), Lakewood, Colorado
(the ''Corporation''), the holding company of First Federal Bank of
Colorado (the ''Bank''), announced today that the Corporation declared a
quarterly cash dividend of 13.0 cents per share. This dividend
represents an increase of 8% from the previous quarterly dividend and is
the sixth increase in the declared dividend by the Corporation since the
issuance of its stock on December 29, 1995 in connection with the
Conversion and Reorganization by the Bank from the mutual holding
company form of organization.
The cash dividend will be paid to stockholders of record as of December
31, 1997 on or about January 20, 1998. Collier indicated that the cash
dividend is being paid as a result of the continued profitability of the
Corporation and its wholly owned subsidiary, First Federal Bank of
Colorado. It is the current intention of the Board of Directors to
continue to pay such dividends each quarter. However, the payment of
future dividends will be subject to the Board's periodic review of the
financial condition, earnings, and capital requirements of the
Corporation.
The Company is a unitary thrift holding company, which owns all of the
outstanding stock of the Bank. The Bank is a community-oriented retail
savings institution offering traditional deposit and mortgage loan
products. The Bank primarily serves the Colorado counties of Denver,
Adams, Arapahoe, Jefferson, Boulder, Douglas, Mesa, Delta and Montrose
through a network of 27 offices, providing a full range of retail
banking services, with emphasis on one-to-four family residential
mortgages. At September 30, 1997, the Bank had total assets and
stockholders' equity of $1.5 billion and $197.8 million, respectively.
The Bank's common stock is traded on the Nasdaq National Market under
the symbol ''FFBA.''
SOURCE: First Colorado Bancorp, Inc.
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