HORSHAM, Pa. -- Advanta Corp., the fast-growing credit card and mortgage servicing company, has announced a stock split and an increased in its dividend.
Advanta, the parent of Colonial National Bank USA of Wilmington, Del., announced Thursday that its board approved a three-for-two split of both the class B common nonvoting stock and the class A common voting stock.
The board also announced its intention to increase the quarterly dividends on both stock classes by 20%, which would bring the "B" shares to 6 cents each and the "A" shares to 5 cents after the split.
The board-anticipates approving the fourth-quarter 1993 dividends at its regular meeting in November.
The record date for split is Oct. 4, and the payment date is Oct. 15. Advanta said it expects ex-dividend trading to begin Oct. 18.
|Expresses Our Optimism'
"This action reflects our commitment to our shareholders and expresses our optimism about the company's continuing opportunities for growth," said Dennis Alter, chairman and CEO.
After the split, Advanta will have, about 22.5 million shares of the class B common stock and 17.2 million shares of the class A stock outstanding.
