DETROIT -- Firstfed Michigan Corp. said it had declared a 3-for-2 split of its common stock. payable Sept. 20 to shareholders of record on Sept. 1.

The company also declared a dividend of 12 cents on postsplit shares, with the same pay and record dates. The new rate is equivalent to 18 cents on the presplit shares, an effective increase from the 1 7 cents the company was paying.

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