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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 20, 1997
OLD KENT FINANCIAL CORPORATION
(Exact name of registrant as
specified in its charter)
MICHIGAN 0-12216 38-1986608
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification no.)
incorporation)
ONE VANDENBERG CENTER
GRAND RAPIDS, MICHIGAN 49503
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (616) 771-5000
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Item 5. OTHER EVENTS.
On October 20, 1997, Old Kent Financial Corporation issued the
press release attached as Exhibit 99 to this Form 8-K.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND EXHIBITS.
(c) Exhibits:
99 Press Release dated October 20, 1997.
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SIGNATURE
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.
Dated: October 21, 1997 OLD KENT FINANCIAL CORPORATION
(Registrant)
By: /S/ ALBERT T. POTAS
Albert T. Potas
Senior Vice President
and Controller
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EXHIBIT INDEX
EXHIBIT NUMBER DOCUMENT
99 Press Release dated October 20, 1997.
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EXHIBIT 99
[OLD KENT LOGO]
Old Kent Financial Corporation
News Release 111 Lyon Street NW
Grand Rapids, MI 49503-2406
NASDAQ: OKEN
FOR RELEASE: IMMEDIATELY
DATE: OCTOBER 20, 1997
CONTACT: ALBERT T. POTAS
SENIOR VICE PRESIDENT, CONTROLLER
(616) 771-1931
WILLIAM L. SANDERS
SENIOR EXECUTIVE VICE PRESIDENT, CFO
(616) 771-5808
OLD KENT ANNOUNCES TWO FOR ONE STOCK SPLIT AND
INCREASES CASH DIVIDEND
GRAND RAPIDS, MICHIGAN -- The Board of Directors of Old Kent Financial
Corporation announced today a two for one stock split and a related cash
dividend increase. The two for one (100%) stock split on the Corporation's
common stock, $1 par value, is payable December 15, 1997, to shareholders
of record on November 14, 1997. "This two for one stock split should
increase the liquidity of our stock and make Old Kent stock accessible to a
wider range of investors", said David J. Wagner, Chairman, President and
Chief Executive Officer.
The board also declared a $.36 per share (pre-split basis) quarterly
cash dividend on the Corporation's common stock, payable December 15, 1997,
to shareholders of record on November 14, 1997. On a post-split basis,
this new quarterly dividend rate is equivalent to $.18 per share, or $.72
annually. As a result of the increase, the 1997 cash dividends to be paid
per share are 11.5% greater than per share cash dividends paid in 1996.
The cash
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dividend increase will be the twenty fifth annual increase since the
holding company was formed in 1972. The fourth quarter of 1997 also marks
the 101st consecutive quarter that Old Kent Financial Corporation has paid
a dividend.
Also, to reflect the stock split, the board of directors adjusted it's
June 16, 1997 authorization for the repurchase of up to 3 million shares of
Old Kent Common Stock. The updated authorization now allows management, at
its discretion, to repurchase twice the number of shares remaining under
the original authorization.
Old Kent Financial Corporation is a bank holding company headquartered
in Grand Rapids, Michigan that operates over 200 full service offices in
Michigan and Illinois. At September 30, 1997, Old Kent had total assets of
$13.8 billion.
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