Conformed
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 (date of earliest event reported) July 31, 1997
Beneficial Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1177 51-0003820
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
301 North Walnut Street, Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302)425-2500
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
The following is the text of a press release of Beneficial
Corporation, issued on July 31, 1997:
BENEFICIAL CORPORATION RAISES QUARTERLY CASH DIVIDEND 9.6% TO $0.57
- NINTH CONSECUTIVE YEAR OF INCREASE -
WILMINGTON, Del. -- The Board of Directors of Beneficial Corporation
(NYSE: BNL) today voted to raise the quarterly cash dividend on the
Company's common stock by 9.6 percent to $0.57 from $0.52 per share,
the ninth consecutive annual increase in the Company's common share
dividend. The new annual dividend rate will be $2.28 per share, up
from $2.08. Including this increase, Beneficial's cash dividend rate
has increased at a 9.6 percent compound annual rate over the past nine
years.
"Maximizing the long-term total return for our shareholders remains our
key corporate goal, and we realize that dividend growth is an important
factor in that equation," said Finn M.W. Caspersen, chairman and chief
executive officer. "Also toward that goal, the Board had previously
approved in November 1996, the repurchase of up to 1.2 million
Beneficial Corporation common shares, and through the second quarter of
this year we have repurchased a total of nearly 973,000 shares under
that authorization. Clearly, we are working our balance sheet harder
in order to maximize our profitability ratios and shareholder returns."
The common stock dividend, payable September 30, 1997, to shareholders
of record September 2, 1997, is the 273rd consecutive quarterly
dividend for shareholders of Beneficial, which has paid cash dividends
without interruption since 1929 -- a span of 68 years.
The board also declared the regular semi-annual dividend of $2.15 per
share on the $4.30 Dividend Cumulative Preferred Stock to stockholders
of record at the close of business September 2, 1997, and payable
September 30, 1997. The board also declared the regular quarterly
dividend of $1.375 on the $5.50 Dividend Cumulative Convertible
Preferred Stock, payable October 31, 1997, to stockholders of record at
the close of business October 1, 1997.
Beneficial Corporation is a $17 billion, New York Stock Exchange-listed
financial services holding company. Subsidiaries of the Company provide
financial services through their various consumer finance, credit card,
banking and insurance operations located throughout the United States,
Canada, the United Kingdom, Ireland and Germany.
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 hereunto duly authorized.
BENEFICIAL CORPORATION
(Registrant)
By /s/ Samuel F. McMillan
Samuel F. McMillan
Senior Vice President
and Treasurer
Dated: July 31, 1997
