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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report May 5, 1997
Commission File Number 1-6906
FIRST SECURITY CORPORATION
(Exact name of registrant as specified in its charter)
State of incorporation Delaware
I.R.S. Employer Identification No. 87-6118148
Address of principal executive offices 79 South Main, P.O. Box 30006
Salt Lake City, Utah
Zip Code 84130-0006
Registrant's telephone number, including area code (801) 246-5706
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Item 5. Other Information
On April 21, 1997, First Security Corporation issued a press release
announcing a 3-for-2 common stock split and an increase in the quarterly cash
dividend, a copy of which is attached to this report as Exhibit A.
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 by the
undersigned, thereunto duly authorized.
FIRST SECURITY CORPORATION
(Registrant)
[SIGNED] May 5, 1997
_______________________________________________________ ____________________
Scott C. Ulbrich (Date)
Executive Vice President, Finance and Capital Markets
and Chief Financial Officer
(Principal Financial and Accounting Officer)
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EXHIBIT A
FIRST SECURITY NEWS
FOR IMMEDIATE RELEASE Contact: Michael T. Kelly
April 21, 1997 (801) 246-5456
FIRST SECURITY ANNOUNCES STOCK SPLIT,
BOOST IN QUARTERLY CASH DIVIDEND
SALT LAKE CITY -- The directors of First Security Corporation (Nasdaq:
FSCO) today declared a 3-for-2 stock split in the form of a 50 percent stock
dividend payable May 15 to shareholders of record May 12. As a result of the
split, shareholders will receive one additional share of First Security stock
for every two shares held.
The directors also increased the corporation's regular quarterly cash
dividend 11 percent to 17 cents per common share, after adjusting for the
stock split. The increase brings the annual dividend rate to 68 cents per
share compared with 61.3 cents before the increase. This is the corporation's
third dividend increase in 18 months. Since January 1996, First Security's
dividend has been increased 36.6 percent.
The increased dividend will be paid June 2 to shareholders of record May
16. At market price adjusted for the split, the annual dividend yield on
First Security common stock is approximately 3.0 percent.
"The stock split and increased cash dividend illustrates our commitment to
provide a solid return to shareholders and our confidence in the continued
success of First Security as the leading banking and financial services
company in our market region," said Spencer F. Eccles, chairman and chief
executive officer of the Salt Lake City-based financial services corporation.
"Furthermore, the stock split will result in an increase in the total number
of outstanding First Security shares and make the price of our stock more
attractive to individual investors."
Earlier today, First Security reported record net income of $48.0 million
for the first quarter of 1997, an increase of 32.2 percent over the same
quarter in 1996. First-quarter 1997 earnings generated a 1.39 percent return
on average assets and a 17.02 percent return on average equity. Fully diluted
earnings per share were 62 cents for the quarter, up 31.9 percent from a year
ago. Earnings per share would have been reported as 41.3 cents if the stock
split were reflected in the calculations.
Total assets of $14.4 billion reported for the first quarter make First
Security Corporation the largest financial services organization headquartered
in the Intermountain West. Incorporated in 1928, it is the nation's oldest
multistate bank holding company. The corporation's banks currently operate
267 full-service domestic bank offices in Utah, Idaho, New Mexico, Oregon,
Nevada, and Wyoming.
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