First of America Bank Corp. has authorized a 3- for-2 stock split in the form of a 50% stock dividend.

"The board took action to split the stock in view of the increase in price since last year of over 30%," said Richard Chormann, president, chief executive, and chairman. First of America had last split its stock in October 1990, he said.

The holding company said the dividend would be payable May 30 to shareholders of record May 9. First of America said 89.6 million shares would be outstanding after the dividend is paid. It now has 59.7 million outstanding.

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