Mercantile OKs stock split, rise in dividend

September 15, 1993|By Bloomberg Business News

Mercantile Bankshares Corp. said yesterday that its board of directors approved a three-for-two split of its common shares and a dividend increase that raises the company's payout 13 percent.

The company will pay a 17 cent quarterly dividend on the new larger number of shares outstanding, compared with a 15-cent dividend on a post-split basis, on Sept. 30 to shareholders of record Sept. 24.

The company was paying a quarterly dividend of 22.5 cents on its pre-split shares.

Mercantile's common shares closed up 12.5 cents a share, at $30.75, in Nasdaq trading.

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