Marks 27th Consecutive Annual Dividend Increase
MEMPHIS, Tenn., July 16 /PRNewswire-FirstCall/ -- Thomas M. Garrott,
chairman of the board of National Commerce Financial Corporation (NYSE: NCF),
announced that, at today's regular meeting of the board of directors, the
corporation approved the company's 27th consecutive annual dividend increase
by declaring a quarterly cash dividend of $.17 per share payable October 1,
2002, to shareholders of record September 13, 2002. The dividend
represents a 13.3 percent increase over the prior quarterly dividend of
$.15 per share.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
"NCF has a stellar record of rewarding shareholders with double-digit
dividend growth," noted Ernest C. Roessler, president and chief executive
officer. "Despite the uncertainty in the economy and the current volatility
in the U.S. equity markets, we continue to experience strong growth in our
cash earnings and believe our prospects for future growth are outstanding."
National Commerce Financial was recently cited by Mergent, a New York
City-based provider of global financial information on publicly traded
companies, as a 2002 Dividend Achiever for increasing its cash dividends
every year for at least the past 10 years. NCF company records indicate the
Memphis-based financial services company has increased its dividend every
year since 1975.
Forward-looking Statements
These statements constitute forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995), which involve
significant risks and uncertainties. A variety of factors could cause
actual results and experience to differ materially from the anticipated
results or other expectations expressed in such forward-looking statements.
NCF does not assume any obligation to update these forward-looking
statements or to update the reasons why actual results could differ from
those projected in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to
competition from both financial and non-financial institutions; changes in
interest rates, deposit flows, loan demand and real estate values; changes
in legislation or regulation; changes in accounting principles, policies or
guidelines; the timing and occurrence (or non-occurrence) of transactions
and events that may be subject to circumstances beyond the control of NCF;
and other economic, competitive, governmental, regulatory and technological
factors affecting NCF specifically or the banking industry or economy
generally.
SOURCE National Commerce Financial Corporation
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
Related links:
http://www.ncfcorp.com
CONTACT:
Eileen Sarro, +1-919-683-7642, or M.J.A.
"Jekka" Pinckney, +1-901-523-3525, both of National Commerce
Financial Corporation
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