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2002 First Quarter - Cash Dividend Announced
PRESS RELEASE
| FROM: |
Robert
H. Gaughen, Jr., President Hingham Institution for Savings Hingham, MA (NASDAQ - HIFS) |
| DATE: | March 28, 2002 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749-2200 |
7% INCREASE IN DIVIDEND ANNOUNCED
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced that its Board of Directors declared its regular quarterly cash dividend of $0.16 per share. The dividend will be paid on April 22, 2002 to stockholders of record as of April 10, 2002. This represents an increase from the previous regular quarterly dividend of $0.15.
Robert H. Gaughen, Jr., President and CEO, in announcing the increased dividend, stated "We remain committed to a dividend policy that refelcts the strength of our core earnings. In the last four calandar years, regular and special dividends declared have increased from $0.49 per share in 1998 to $0.76 per share in 2001. The current increase in the regular quarterly dividend reflects our Board's belief that stockholders must participate in a tangible way in our ongoing success.
In addition to the regular quarterly cash dividends, Hingham Institution for Savings has declared special cash dividends in each of the last seven years. Future dividends will be considered by the Board of Directors on a quarterly basis.
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in Massachusetts. The Bank's main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
