NEW YORK -- Fueled by higher earnings, Barnett Banks Inc. and First of America Bank Corp. have raised their dividends on common shares.
Barnett, based in Jacksonville, Fla., boosted its quarterly payout by 3 cents, or 9%, to 36 cents, payable July 1 to shareholders of record on June 7. The rate had held at 33 cents since July 1990.
First of America, based in Kalamazoo, Mich., raised its dividend by 5 cents, or 14.3%, to 40 cents a share. It will be paid July 30 to shareholders of record on July 9.