PHILADELPHIA -- CoreStates Financial Corp. raised its quarterly dividend to 60 cents a share from 54 cents a share.

The dividend is payable Oct. 1 to shareholders of record on Sept. 7.

CoresStates also declared a 2-for-1 stock split, payable on Oct. 15 to shareholders of record on Sept. 15. The new dividend rate is equal to 30 cents a share on a post-split basis.

The company's board also approved a stock repurchase program to buy shares on the open market from time to time. CoresStates said the maximum number of shares that could be repurchased in a year would be 2% of the total outstanding.

CoresStates said the stock purchases would be in addition to those made for its dividend-reinvestment, employee-benefit, and incentive-compensation programs. CoresStates has 58.7 million shares outstanding.

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