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Fulton Financial Corporation Announces Increased Common Stock Dividend, Preferred Stock Dividend and $125 Million Repurchase Program
FULTFulton Financial (FULT) Prnewswire·2024-12-17 21:30

Dividend Announcement - The Board of Directors declared a quarterly cash dividend of 0.18pershareoncommonstock,payableonJanuary15,2025,toshareholdersofrecordasofDecember31,2024[1]−Thisrepresentsa0.18 per share on common stock, payable on January 15, 2025, to shareholders of record as of December 31, 2024 [1] - This represents a 0.01 per share increase from the previous quarterly cash dividend declared on September 17, 2024 [1] - The Board also declared a quarterly dividend of 12.81pershareonitsFixedRateNon−CumulativePerpetualPreferredStock,SeriesA,payableonJanuary15,2025[3]ShareRepurchaseProgram−TheBoardapprovedasharerepurchaseprogram(2025Program)withanaggregateprincipalamountnotexceeding12.81 per share on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on January 15, 2025 [3] Share Repurchase Program - The Board approved a share repurchase program (2025 Program) with an aggregate principal amount not exceeding 125 million, commencing on January 1, 2025, and expiring on December 31, 2025 [4] - Up to 25millionofthe2025ProgrammaybeusedtorepurchasesharesofFulton′sPreferredStock[4]−Purchasesmaybemadethroughopenmarkettransactions,privatelynegotiatedtransactions,orothermeansinaccordancewithfederalsecuritieslaws[4]CompanyOverview−FultonFinancialCorporationisaLancaster,Pennsylvania−basedfinancialholdingcompanywithover25 million of the 2025 Program may be used to repurchase shares of Fulton's Preferred Stock [4] - Purchases may be made through open market transactions, privately negotiated transactions, or other means in accordance with federal securities laws [4] Company Overview - Fulton Financial Corporation is a Lancaster, Pennsylvania-based financial holding company with over 30 billion in assets [5] - The company employs more than 3,400 people and operates over 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia through Fulton Bank, N.A. [5] Management Commentary - The Chairman and CEO stated that the 6% increase in the common dividend demonstrates the company's continued strength, momentum, and commitment to returning value to shareholders [2]