First Financial Bankshares Announces Three-for-Two Stock Split And Cash Dividend At Annual Meeting
ABILENE, Texas, April 26, 2011 /PRNewswire/ -- In connection with the 2011 Annual Shareholders' Meeting, the Board of Directors of First Financial Bankshares, Inc. (NASDAQ: FFIN) today declared a three-for-two stock split in the form of a 50 percent stock dividend. The stock split will be effective for shareholders of record on May 15, 2011, with distribution on June 1, 2011. The Board also declared a $0.24 per share cash dividend for the second quarter, which will be paid to shareholders of record on June 15, 2011, with payment set for July 1, 2011.
"We are pleased to announce this stock split and an increase in the cash dividend," said F. Scott Dueser, Chairman, President and CEO. "When adjusted for the stock split, the new cash dividend represents a 5.9 percent increase for our shareholders."
Shareholders reelected 10 existing members of the Board of Directors: Steven L. Beal, Retired President and Chief Operation Officer of Concho Resources Inc., Brownwood; Tucker S. Bridwell, President of Mansfeldt Investment Corporation, Abilene; Joseph E. Canon, Executive Director of the Dodge Jones Foundation, Abilene; David Copeland, President, SIPCO, Inc., and Shelton Family Foundation, Abilene; F. Scott Dueser, Chairman, President & CEO, First Financial Bankshares, Inc., Abilene; Murray Edwards, Principal, The Edwards Group, Clyde; Ron Giddiens, investment and business consulting, San Angelo; Kade Matthews, ranching and investments, Amarillo; Dian Graves Stai, Chair, Diane Graves Owen Foundation, Fredericksburg; and Johnny E. Trotter, President and CEO, Livestock Investors, Ltd., Hereford.
Shareholders recognized Derrell E. Johnson, former President and CEO, Rady and Associates, Southlake, who retired from the board of directors after 11 years of service.In other business, shareholders approved advisory votes on two proposals involving compensation of named executive officers, pursuant to new rules adopted by the Securities and Exchange Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The first proposal, commonly referred to as a "say-on-pay" proposal, allowed shareholders to express their support for the Board of Directors' compensation for named executive officers and the executive compensation philosophy, policies and programs. In the second proposal, shareholders approved the frequency of the "say-on-pay" advisory vote on executive compensation on an annual basis instead of every two or three years.
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