Newspaper article THE JOURNAL RECORD

Guthrie Savings Declares First Stock Dividend

Newspaper article THE JOURNAL RECORD

Guthrie Savings Declares First Stock Dividend

Article excerpt

Journal Record Staff Reporter

An Oklahoma federal savings bank issued its first stock dividend this month after becoming a publicly held federal savings and loan.

Guthrie Savings Inc., holding company for Guthrie Federal Savings Bank, declared a special cash dividend of 20 cents per share.

The savings and loan company issued 515,125 shares of its stock to be traded on the Small Traded Stocks Index in October, several months after changing its charter from state to federal.

The dividend represents a $103,025 total gain to the savings and loan's 232 stockholders, about $444 per shareholder.

The dividend is being paid in cash.

William I. Cunningham, president of Guthrie Federal Savings Bank. said the savings and loan voted to convert its charter from state to federal and become a publicly held company in February 1994.

The change took several months and the regulatory approval of the Securities and Exchange Commission and the Office of Thrift Supervision.

Guthrie Federal Savings Bank is now a federally chartered stock savings bank. The bank was formerly a mutual savings institution named Guthrie Savings and Loan Association.

Bank officials had considered converting the charter and becoming publicly held, but the tough financial and real estate markets in the 1980s forced them to wait for the right opportunity.

"There were many savings and loans that didn't make it," Cunningham said. "They merged, but we managed to maintain our independence and pull through as an institution.

"We had been planning to change for some time. As a mutual no one was really sure who the net worth belonged to," Cunningham said. …

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