ROCKFORD, Ill., Aug. 11, 2008 (PRIME NEWSWIRE) -- The Board of Directors of AMCORE Financial, Inc., (Nasdaq:AMFI) declared a quarterly dividend payable in cash and common stock with a total value equal to $0.185 per share.
The cash component of the dividend is equal to $0.05 per share and the common stock component of the dividend is equal to $0.135 per share. The dividend is payable September 12, 2008 to shareholders of record as of September 2, 2008. AMCORE has declared dividends every quarter since its formation in June 1983.
"Despite challenging market conditions, we are pleased with our continued efforts to resolve our credit issues and maintain our financial strength," said William R. McManaman, AMCORE chairman and CEO. "As such, we are maintaining our current dividend levels through our combined cash and stock dividend, which allows us to provide value for our shareholders while preserving capital."
The stock portion of the dividend will be computed using the volume weighted average price (VWAP) of the five day period preceding the ex-dividend date of August 28. For instance, the number of shares issued per shareholder will be calculated by taking the amount of the stock dividend, $0.135 per share, multiplied by the number of shares owned as of the record date of September 2, divided by the five day volume weighted average price (VWAP).
AMCORE Financial, Inc. is headquartered in Northern Illinois and has banking assets of $5.2 billion with 79 locations in Illinois and Wisconsin. AMCORE provides a full range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, investment management and comprehensive retirement plan services.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol AMFI. Further information about AMCORE Financial, Inc. can be found at the Company's website at www.AMCORE.com.