Independence Community Bank Corp. Increases Cash Dividend by 33 1/3 Percent
BROOKLYN, NY, April 30 /PRNewswire/ -- Independence Community Bank Corp. (Nasdaq: ICBC - news) announced today that its Board of Directors at today's meeting declared the Company's third consecutive quarterly cash dividend at $0.04 per share of common stock, an increase of 33 1/3 percent over the previous quarterly dividend of $0.03 per share. The dividend is payable on May 25, 1999 to stockholders of record at the close of business on May 11, 1999.
In announcing the increased cash dividend, Charles J. Hamm, Chairman, President and Chief Executive Officer, noted the Company reported net income for the three months and twelve months ended March 31, 1999 of $12.3 million or $0.20 per diluted share and $45.2 million or $0.66 per diluted share, respectively, while cash earnings for the same periods were $16.1 million or $0.26 per diluted share and $58.5 million or $0.86 per diluted share, respectively. Mr. Hamm commented, ''The Company's earnings are at record levels and continue to improve in accordance with our business plan. These results warrant an increase in the dividend and we are pleased our shareholders will share in these successes.''
On February 1, 1999 the Company announced that it had entered into a definitive agreement to acquire Broad National Bancorporation, a bank holding company headquartered in Newark, New Jersey with assets of $676 million as of March 31, 1999. On April 13, 1999 the Company announced the signing of a definitive agreement to acquire Statewide Financial Corp., a savings and loan holding company headquartered in Jersey City, New Jersey, with assets of $744 million on March 31, 1999.
Independence Community Bank Corp., with assets of $5.54 billion and stockholders' equity of $825 million at March 31, 1999, is the holding company for Independence Community Bank (''the Bank''). The Bank, which was originally chartered in 1850, currently operates 32 full service branch offices located in the greater metropolitan New York area including 26 branches located in the boroughs of Brooklyn and Queens. Completion of the pending acquisitions will add more than thirty New Jersey branch offices to the Bank's existing New York branch system.
SOURCE: Independence Community Bank Corp. |
