CLINTON TOWNSHIP, Mich. - First National Bank Corp. said its board has declared a 4-for-3 stock split to be distributed Nov. 24 to holders of record Nov. 3.
The company said the board anticipates that future annual cash dividends will be 76 cents a share after the stock split. The company had been paying 25 cents quarterly. After the split, there will be about 2,309,000 shares issued and outstanding, the company said.
The new dividend rate is equivalent to 25.6 cents quarterly on the presplit shares, an effective increase of 0.6 cents a share from the 25 cents the company had been paying.