THOMSON, Ga. - Allied Bankshares declared a 25% stock dividend and a regular quarterly cash dividend of 10 cents a share, effectively increasing its quarterly cash dividend by 25%.
Allied Bankshares said the cash dividend would be paid on all shares outstanding, including the shares issued for the stock dividend. Both dividends are payable on Dec. 1 to shareholders of record Nov. 12.
Boone A. Knox, chairman and chief executive of Allied Bankshares, said the stock dividend and increased cash dividend were the result of increased quarterly earnings.
As reported earlier this month, the company posted third-quarter net income of $6.1 million, or 29 cents a share, as compared with net income of $6.07 million, or 27 cents a share, in the 1992 third quarter.