Shares of Firstar Corp. rose $1.0625, to $89.3125, on news of a 3-for-1 stock split and buyback plan. The split "will increase the liquidity and marketability of our stock and increase Firstar's total shareholder base," said Jerry A. Grundhofer, president and chief executive officer.
The authorization to repurchase up to five million shares gives the company flexibility to maintain its strong capital position and return excess capital to shareholders, Mr. Grundhofer said.
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