Union Planters announces stock split, cash dividend

The Union Planters Corpor-ation Board of Directors April 18 declared a three-for-two stock split, in the form of a 50 percent stock dividend, on the shares of Union Planters Cor-poration common stock.

The additional shares will be payable June 6 to shareholders of record at the close of business May 22, according to a Union Planters release.

As a result of the stock split, shareholders of record will receive one additional share for every two shares held, and cash will be paid in lieu of any fractional shares. Union Planters stock price listings will reflect the three-for-two stock split beginning June 7.

"Union Planters just an-nounced record earnings of $125.9 million, or $.91 per diluted share, for the first quarter of 2002, and we continue to demonstrate strong growth," said Jackson W. Moore, chairman, president and chief executive officer. "We feel that this stock split supports our commitment to building shareholder value by increasing the availability of our stock and improving its marketability."

The board also declared a quarterly cash dividend of 50 cents per share on Union Planters Corporation common stock and on Union Planters Corporation 8 percent Series E preferred stock.

Both cash dividends are payable May 15 to shareholders of record at the close of business May 1.

The cash dividends are pay-able prior to the above-mentioned stock split and the per share amounts of the dividends will not be affected by the stock split. The per share amounts of any cash dividends which may be declared by the board in the future would reflect the impact of the stock split.