$tacks Upon $tacks Of Moolah

[Cheap Stock Investor]

WAVEP - could this be reason ????

"cash dividend of 1 cent per share on its dividend-equalization preferred shares"


Wachovia increases dividend 12%
Wachovia Corp.'s board has approved a 12 percent increase in the company's regular quarterly cash dividend on its common stock, boosting it to 29 cents per share from the former 26 cents per share.


"After reporting a record $1 billion in earnings in the first quarter of 2003, we're very pleased to announce our second dividend increase in the past 12 months," says Ken Thompson, chief executive of Wachovia. "This action reflects the board's confidence in our growth prospects and financial strength."

The board also declared a quarterly cash dividend of 1 cent per share on its dividend-equalization preferred shares. Those shares were issued in connection with First Union Corp.'s acquisition of the old Wachovia in September 2001.

First Union's dividend was less than the old Wachovia's. The preferred stock was issued to old-Wachovia shareholders who wanted to maintain their dividend at the higher level.

Both dividends are payable June 16 to shareholders of record at the close of business May 30.

Wachovia is based in Charlotte, N.C.



© 2003 American City Business Journals Inc.