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