One Valley Bancorp, a $4.4 billion bank holding company, has announced a 5-for-4 stock split in the form of a 25% stock dividend and a 9% increase in the quarterly cash dividend.
Shareholders will receive one additional share of One Valley common stock for each four shares of stock they hold as of the record date, Aug. 29.
Cash will be paid in lieu of any fractional shares generated by the stock dividend. The stock dividend will be payable on Sept. 12.
The stock split is the second 5-for-4 split approved by One Valley in the past 12 months. A similar split was made in September 1996.
One Valley declared a quarterly cash dividend of 21 cents per share to be paid on all shares outstanding, including the additional shares from the stock split.
The cash dividend will be paid Oct. 15, 1997, also to shareholders of record on Sept. 30, 1997.
J. Holmes Morrison, president and chief executive officer said, "This latest stock split and increase in the cash dividend reflect our continued growth in earnings and our confidence in the future of One Valley Bancorp."