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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) September 24, 1998
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FRONTIER NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
ALABAMA 000-24853 72-1355228
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(State or other (Commission (I.R.S. Employer
jurisdiction) File Number) Identification No.)
45 N. Broadway, Sylacauga, AL 35150
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 256-249-0341
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1011 North Lanier Avenue
Lanett, AL 36863
(Former name or former address, if changed since last report.)
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Item 5. Other Events
On September 22, 1998, Frontier National Corporation signed two Letters of
Intent to enter into negotiations to acquire Wright-Sprayberry, Inc. and Brown
Insurance Agency, Inc. Both Wright-Sprayberry, Inc. and Brown Insurance Agency,
Inc. are insurance agencies located in Sylacauga, Alabama.
In addition, Frontier National Corporation announced September 21 that its Board
of Directors has authorized a stock dividend of 6.8 percent per share to
shareholders of record on August 24, 1998. On the resulting new total shares
outstanding of 2,272,421, Frontier will pay a regular cash dividend of $.14 per
share and a special cash dividend of $.05 per share to all shareholders of
record as of September 21, 1998.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
99 Press release dated September 22, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf on this 24th
day of September 1998 by the undersigned hereunto duly authorized.
FRONTIER NATIONAL CORPORATION
By: /s/ STEVEN R. TOWNSON
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Steven R. Townson
President and Chief Operating Officer
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EXHIBIT 99
Frontier National Corporation
Stock/Cash Dividend
For more information, contact
Harry I. Brown, Jr. at
256-249-0341, ext 635 FOR IMMEDIATE RELEASE
Frontier National Corporation announced September 21 that its Board of Directors
has authorized a stock dividend of 6.8 percent per share to shareholders of
record on August 24, 1998. On the resulting new total shares outstanding of
2,272,421, Frontier will pay a regular cash dividend of $.14 per share and a
special cash dividend of $.05 per share to all shareholders of record as of
September 21, 1998.
Frontier Chairman and CEO, Harry I. Brown, Jr., stated, "The combined earnings
resulting from the recent merger of First National, Sylacauga, and Valley
National in Lanett make it only fair that we reward our shareholders for their
confidence in us and our performance."
Brown went on to say, "The total cash dividend of $.19 per share results in a
164 percent increase - yes, one and one half times over what our Sylacauga
shareholders received each quarter last year. We intend to pay each quarter a
regular dividend of $.14 per share. Special dividends will be based on our
earnings performance.
Steven R. Townson, President and COO of Frontier stated, "This aggressive
dividend payout plan for 1998 will almost double what our Valley shareholders
received in 1997. As we look to the future, our new management team sees
increased value for both customers and shareholders alike."
Townson pointed out that checks should be received around the middle of October,
since this is the first dividend paid by the company's new transfer agent,
Sterne, Agee & Leach. Shareholders should also receive a check for any
fractional share resulting from the stock dividend.
Sterne, Agee & Leach also acts as Frontier National's "market maker." For more
information concerning stock purchase, please contact James Dixon, III at
1-800-633-4638.
