Granite State Bankshares, Inc. Announces an 11.76% Increase in Quarterly Dividend and Implementation of a New Stock Repurchase Program

Keene, N.H., March 12, 2002 (PRIMEZONE) -- Granite State Bankshares, Inc. (Nasdaq:GSBI) today announced that the Board of Directors has declared a regular quarterly cash dividend of $ 0.19 per share of common stock outstanding. This represents an 11.76% increase over the previous quarter's cash dividend of $0.17 per share. The dividend will be payable April 5, 2002 to stockholders of record March 22, 2002.

The Company also announced that it has completed its Stock Repurchase Program of May 3, 2000 whereby the Company repurchased up to 10% of its common stock. In addition, the Board of Directors has authorized another Stock Repurchase Program whereby the Company may repurchase up to 10%, or approximately 516,000 shares, of its outstanding common shares, from time to time. Shares repurchased may be held in treasury, retired, or used for general corporate purposes.

Granite State Bankshares, Inc. is the parent company for Granite Bank, a New Hampshire state-chartered commercial bank with 19 offices operating throughout southern New Hampshire. Granite Bank is the largest independent bank in the State of New Hampshire.


Contact Data