MEDFORD, Mass. -- Medford Savings Bank has approved a two-for-one stock split and a 3.7% hike in its third-quarter dividend.

Both will be payable Oct. 15 to shareholders of Sept. 15.

After the split, shareholders will receive 14 cents a share, equivalent to a pre-split dividend of 28 cents a share, up one cent from the second quarter.

Medford reported third-quarter earnings of $2 million, up 15% from the $1.7 million earnings in the third quarter of 1993.

Medford, a state-chartered thrift, has 15 branches in seven Middlesex County communities north of Boston.

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