CHICAGO, May 11 /PRNewswire/ -- EVEREN Capital Corporation (NYSE: EVR)
announced today that its board of directors has approved a two-for-one stock
split of its common shares. The action is EVEREN Capital's first stock split
since the company's initial public offering at $18.50 on Oct. 8, 1996.
The split will be implemented by means of a stock dividend in which one
new share of authorized but previously unissued common stock will be issued
and distributed for each currently outstanding share. There are approximately
17.5 million shares of EVEREN Capital common stock outstanding, which will
increase to approximately 35 million shares upon completion of the split.
The record date for the stock split is the close of business on June 2,
1998, and the share distribution will take effect on June 16, 1998. The
transfer agent and dividend paying agent for EVEREN's common stock is Harris
Trust and Savings Bank.
The EVEREN Capital Corporation board also has approved an increase in the
company's dividend to $0.14 per pre-split share, or $0.07 per post-split
share, on all outstanding shares of the corporation's common stock. The cash
dividend represents an increase of $0.03, or more than 27 percent, per pre-
split share. It is payable on June 16, 1998, to stockholders of record at the
close of business on June 2, 1998.
According to EVEREN Capital Corporation Chairman and Chief Executive
Officer James R. Boris, "The momentum EVEREN began to build just 19 months ago
when we went public continues to accelerate. Our second dividend increase in
six months comes on the heels of our stock's 52-week high during the first
quarter, which brought us within striking distance of our market
capitalization goal of $1 billion. The smooth conversion this weekend of
Principal Financial Securities into our operating system will allow for still
more growth in the months to come."
EVEREN Capital Corporation (NYSE: EVR), is one of the largest majority
employee-owned companies in the U.S. Its principal subsidiary, EVEREN
Securities, Inc., ranks among the nation's 10 largest full-service brokerage
firms and serves individual, corporate, municipal and institutional clients
through an integrated network of approximately 1,700 investment consultants in
180 offices. The company combines the capital markets resources of a large
national organization with the personalized service and dedication of a
smaller firm. Currently, EVEREN holds approximately $59 billion of client
assets in 600,000 active client accounts. Another operating unit, EVEREN
Clearing Corp., provides execution and clearing services for EVEREN Securities
and other broker-dealers. EVEREN Securities, Inc. and EVEREN Clearing Corp.
are members of the Securities Investor Protection Corporation, the New York
Stock Exchange and other principal exchanges. For more information, visit the
firm's Web site at http://www.everensec.com.
SOURCE EVEREN Capital Corporation
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Related links:
http://www.everensec.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 121760
CONTACT:
Edgar P. McDougal, 312-574-5791, or Caron
Schreiber, 312-574-5724, both of EVEREN Capital Corporation
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