WINSTON-SALEM, N.C. - Wachovia Corp. last week increased its dividend by 9.1% and renewed its five million share repurchase program.

The bank holding company declared a third-quarter dividend of 36 cents per common share payable Sept. 1 to shareholders of record Aug. 7. That was up from 33 cents per share the previous quarter and 30 cents a share in the third quarter of 1994.

For the year through the current quarter, the dividend will total $1.02 per share, up 13.3% from the 90 cents paid in the first three quarters of 1994.

The board also authorized the repurchase of up to five million shares of common stock, renewing a July 20, 1994, authorization to repurchase up to five million shares. As of June 30, 1,795,000 shares had been repurchased under the earlier authorization.

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