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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 January 27, 1998
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 January 26, 1998, First Security Corporation (FSCO) 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.
Also on January 26, 1998, FSCO issued a press release announcing that Michele
Papen-Daniel, Ph.D., has been elected to FSCO's board of directors, a copy of
which is attached to this report as Exhibit B.
Also on January 26, 1998, FSCO issued a press release announcing that Dr. J.
Bernard Machen has been elected to FSCO's board of directors, a copy of which
is attached to this report as Exhibit C.
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] January 27, 1998
_______________________________________________________ ____________________
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. Kelley
January 26, 1998 (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 February 24 to shareholders of record February 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
14.7 percent to 13 cents per common share, after adjusting for the stock
split. The increase brings the annual dividend rate to 52 cents per share
compared with 45.3 cents before the increase. This is the corporation's fourth
dividend increase and third stock split in the last two years. Since January
1996, First Security's dividend has been increased 56.7 percent.
The increased dividend will be paid March 12 to shareholders of record
February 25. At market price adjusted for the split, the annual dividend yield
on First Security common stock is approximately 2.3 percent.
"I am proud to say that First Security has now paid dividends to its
stockholders for 64 consecutive years," said Spencer F. Eccles, chairman and
chief executive officer of the Salt Lake City-based financial services
corporation. "We believe this stock split and increased cash dividend once
again illustrate our commitment to shareholders and our confidence in the
continued success of First Security as the leading banking and financial
services company in our market region."
On January 21, 1998, First Security reported record net income of $205.9
million for 1997, an increase of 15.8 percent over 1996. The 1997 earnings
generated a 1.35 percent return on average assets and a 16.93 percent return
on average equity. Fully diluted earnings per share were $1.75 for the year,
up 14.4 percent from 1996. Earnings per share would have been reported as
$1.16 if the stock split were reflected in the calculations.
Total assets of $17.3 billion reported for year-end 1997 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 283 full-
service bank offices in Utah, Idaho, New Mexico, Oregon, Nevada and Wyoming.
First Security is on the Internet at www.firstsecuritybank.com.
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EXHIBIT B
For Immediate Release Contact: Adrian Gostick
Jan. 26, 1998 (801) 246-5535
RIO GRANDE BANCSHARES DIRECTOR NAMED TO FIRST SECURITY BOARD
SALT LAKE CITY -- First Security Corporation today announced Michele Papen-
Daniel, Ph.D., has been elected to the company's board of directors.
Since 1978, Dr. Papen-Daniel has served on the board of First National Bank of
Dona Ana County in Las Cruces, New Mexico, and as the secretary of Rio Grande
Bancshares, the multibank holding company that owned First National Bank of
Dona Ana County and First National Bank of Chaves County. After the death of
her father, Senator Frank Papen in 1995, she served as president of Rio Grande
Bancshares and vice chairman of the board of First National Bank of Dona Ana
County. Rio Grande and its banks will merge with First Security Corporation on
Feb. 2, 1998.
"We are thrilled to welcome Dr. Papen-Daniel to First Security's board of
directors," said Spencer F. Eccles, First Security chairman and chief
executive officer. "Her background and knowledge of the southern New Mexico
marketplace will be extremely valuable as we complete our pending merger with
Rio Grande Bancshares. The board and our corporation also will benefit from
her extensive experience and academic training in personal and organizational
development."
Dr. Papen-Daniel is a Jungian psychoanalyst. She has a private practice in Los
Angeles and is on the faculties of the C.G. Jung Institute of Los Angeles and
of Antioch University, where she teaches graduate courses in analytical
psychology. Previously, she was tenured as an associate professor on the
faculty of California State University Bakersfield in the master's of
counseling program, and was on the faculty of the graduate psychology program
at the University of La Verne. She also was on the faculty of the University
of Southern California's master of education in Europe program, teaching in
Germany and Belgium.
Dr. Papen-Daniel graduated from the University of New Mexico with honors. She
earned a master of arts degree in education and a master of counseling degree
at Arizona State University, where she also earned her Ph.D. in social and
philosophical foundations of education and society. She completed her post-
doctoral studies leading to a diploma in analytical psychology at the C.G.
Jung Institute. Dr. Papen-Daniel is a member of the International Association
of Analytical Psychology and the American Psychological Association.
Dr. Papen-Daniel's background includes work in career development,
organizational development and stress management. She has lectured throughout
the United States as well as in Europe and Puerto Rico. Dr. Papen-Daniel also
founded Matrix Circle Foundation, a nonprofit based in Los Angeles.
With $17.3 billion in assets and $10.7 billion in deposits, First Security
Corporation is 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 283
full-service domestic offices in Utah, Idaho, New Mexico, Oregon, Nevada and
Wyoming.
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PHOTO AVAILABLE UPON REQUEST
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EXHIBIT C
For Immediate Release Contact: Adrian Gostick
Jan. 26, 1998 (801) 246-5535
UNIVERSITY OF UTAH PRESIDENT NAMED TO FIRST SECURITY BOARD
SALT LAKE CITY -- First Security Corporation today announced Dr. J. Bernard
Machen has been elected to the company's board of directors.
Dr. Machen has been president of the University of Utah since January 1, 1998.
He was provost and executive vice president for academic affairs at the
University of Michigan from 1995 to 1997, and dean of the University of
Michigan School of Dentistry from 1989 to 1995.
"Dr. Machen brings to our board extensive experience as an educator and
community leader," said Spencer F. Eccles, First Security chairman and chief
executive officer. "As one of the Intermountain West's largest employers, we
believe a strong educational system will be key to our state's future
development. Dr. Machen's appointment is a testament to our commitment to
maintaining a close relationship with higher education."
Dr. Machen earned a bachelor's degree from Vanderbilt University; a doctor of
dental sciences degree from St. Louis University; and master of science degree
in pediatric dentistry and a doctor of philosophy degree in educational
psychology from the University of Iowa.
Prior to his tenure at the University of Michigan, Dr. Machen served in a
variety of teaching and administrative positions at the University of North
Carolina at Chapel Hill and George Washington University. In addition, he is a
former major in the U.S. Army, serving two years at the U.S. Army Institute of
Dental Research.
Dr. Machen received an honorary doctor of science degree from Southern
Illinois University at Edwardsville, a distinguished alumni award from St.
Louis University, is past president of the American Association of Dental
Schools and is a fellow in the American College of Dentists. He has also
served on a myriad of university and national dental committees for the
betterment of his schools and profession.
With $17.3 billion in assets and $10.7 billion in deposits, First Security
Corporation is 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 283
full-service domestic offices in Utah, Idaho, New Mexico, Oregon, Nevada and
Wyoming.
Founded in 1850, the University of Utah is the state's flagship institution of
higher education, and is regarded internationally for its academic
achievement, research and solid commitment to the undergraduate experience.
The university serves more than 26,000 students from every state and 111
foreign countries, and offers majors in 68 undergraduate and 92 graduate
subjects, as well as more than 50 teaching majors and minors.
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PHOTO AVAILABLE UPON REQUEST
