MBNA Corporation Splits Stock

Jun 06, 2002, 01:00 ET from MBNA Corporation

    WILMINGTON, Del., June 6 /PRNewswire-FirstCall/ -- MBNA Corporation
 (NYSE:   KRB) announced today a three-for-two stock split of its common shares.
 This will be effected in the form of a dividend, with one additional common
 share issued on July 15, 2002 for every two common shares held by stockholders
 of record as of the close of business on July 1, 2002.  In April, MBNA's Board
 of Directors announced a dividend of $.10 per common share payable July 1,
 2002 to stockholders of record as of June 14, 2002.  This dividend will be
 paid based on pre-split common stock shares owned.  In mid-July, MBNA's Board
 of Directors expects to declare a quarterly dividend of $.07 per common share
 payable October 1, 2002 based on post-split common stock shares owned.  Based
 on split adjusted dividend rates, this would be a 5% increase in the dividend
 per common share.
     This will be MBNA's seventh stock split since the company's initial public
 offering in 1991.  Over that time frame, the annual increase in MBNA's common
 stock has averaged over 35%.  The dividend per common share has been increased
 12 times since 1991.
     MBNA Corporation, a bank holding company and parent of MBNA America Bank,
 N.A., a national bank, has $98 billion in managed loans.  MBNA, the largest
 independent credit card lender in the world, also provides retail deposit,
 consumer loan and insurance products.

SOURCE MBNA Corporation