NEW ORLEANS -- Hibernia Corp. reinstated its dividend, which had been suspended in January 1991.

The company said it would pay a 3-cent quarterly dividend in November, citing "steadily improving profits, asset quality, and capital levels."

Hibernia, which has $4.7 billion of assets, also noted that the Federal Reserve Bank of Atlanta was conducting a review of a 1991 agreement requiring Fed approval of dividend payments. The Fed has approved the dividend reinstatement, and the review may lead to termination of the agreement, the spokeswoman said.

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