GREENVILLE, S.C. -- Carolina First Corp. announced its initial cash dividend: 5 cents per common share, payable Feb. 1 to shareholders of record on Jan. 15.
The company, which also said its board approved the redemption of preferred stock offered in May 1992, said it intends to pay dividends on a quarterly basis, but they will depend on future financial performance and capital requirements.
"Our ability to begin paying cash dividends and to redeem the Series 1992 preferred stock at this time indicates that our strategic plan is on track," said Mack I. Whittle Jr., president and chief executive officer.
The company has $755 million of assets and owns Carolina First Bank, Carolina First Savings Bank, and Carolina First Mortgage Company. It has paid 5% common stock dividends in each of the last five years.
The Carolina First board approved the redemption of the 1992 cumulative convertible preferred on Dec. 31 at $26.75. Each share can be exchanged for 2.386 shares of common stock.
