Friday May 7, 6:58 am Eastern Time
Company Press Release
SOURCE: Southwest Securities Group, Inc.
Southwest Securities Group Declares Regular Cash Dividend, Announces 10% Stock Dividend, Elects New Board Member
DALLAS, May 7 /PRNewswire/ -- The Board of Directors of Southwest Securities Group, Inc. (NYSE: SWS - news) declared a regular quarterly dividend of 7 cents per share, declared a 10 percent stock dividend and elected a new director at its meeting on Thursday, May 6, 1999.
The regular cash dividend will be payable on July 1, 1999 to common shareholders of record at the close of business on June 15, 1999.
The 10 percent stock dividend will be distributed on Aug. 2, 1999 to shareholders of record as of July 15, 1999. Shareholders will receive one new share for each 10 shares of SWS owned as of the record date. Fractional shares will be paid in cash. All outstanding options will be adjusted by this stock dividend.
''Southwest continues to grow,'' said David Glatstein, president and chief executive officer, ''and this stock dividend will help increase market liquidity and broaden our shareholder base.'' This is the third consecutive year Southwest has declared a stock dividend. The company has also paid cash dividends for every quarter since becoming a public company in October 1991.
In other actions, Brodie L. Cobb was elected as a member of the SWS Board of Directors replacing his father, Allen B. Cobb, one of the company's founders, who resigned from the board but will serve as an advisory director and continue with his other duties at Southwest.
''We are delighted that Brodie has agreed to become a director,'' said Chairman of the Board Don Buchholz. ''His finance experience and familiarity with Southwest Securities make him a valuable addition to the board. We also want to acknowledge and thank Allen for his years of service on the board.''
Brodie Cobb founded Presidio Strategies, a specialty investment bank focusing on mergers and acquisitions and asset management, in San Francisco in early 1998 after leaving NationsBanc Montgomery Securities, where he had worked since 1995. His finance and securities career also includes three years with CS First Boston in New York and Dallas, and he worked with Security Pacific's Leveraged Funding Group from 1988-1990. In the early 1990s, he owned a private sports marketing firm in California. After earning his B.A. Degree from Tulane University in 1984 and M.B.A. Degree from the University of Texas at Austin in 1987, he competed for a spot on the 1988 U.S. Olympic yacht racing team.
Allen Cobb co-founded Southwest Securities in 1972 with Mr. Buchholz. He has served in numerous executive and leadership positions within the firm and as a vice chairman of the parent company, Southwest Securities Group, Inc., since it became a public company in 1991.
Southwest Securities Group, Inc. is a Dallas-based holding company that offers a broad range of investment and financial services through its subsidiaries. The company's common stock is listed and traded on the New York Stock Exchange under the symbol, SWS. Wholly owned subsidiaries of the company include:
Southwest Securities, Inc. (www.southwestsecurities.com) -- investment banking, full-service brokerage and securities clearing services;
Mydiscountbroker.com (www.mydiscountbroker.com) -- discount brokerage and online investing services via the Internet;
SWS Financial Services, Inc. (www.southwestsecurities.com) -- general securities brokerage conducted through independent contractors;
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