EAST TEXAS FINANCIAL SERVICES, INC.
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1200 South Beckham o P. O. Box 6910 o Tyler, TX 75711-6910
903-593-1767 o Fax 903-593-1094
NEWS RELEASE
For verification, contact: Gerald W. Free, Vice Chairman/President/CEO
Derrell W. Chapman, Vice President/COO/CFO
Telephone: (903) 593-1767
Fax: (903) 593-1094
For immediate release, February 24, 1998
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EAST TEXAS FINANCIAL SERVICES, INC.
DECLARES 3 FOR 2 STOCK SPLIT
IN THE FORM OF A
50% STOCK DIVIDEND
Tyler, Texas, February 24, 1998, - - - Gerald W. Free, Vice Chairman, President
and CEO of East Texas Financial Services, Inc. (Nasdaq NMS: ETFS), the holding
company for First Federal Savings and Loan Association of Tyler, Texas,
announced today that the Company had declared a 3 for 2 stock split in the form
of a 50% stock dividend payable on March 25, 1998, to stockholders of record on
March 11, 1998. Under the terms of the stock split in the form of a stock
dividend, East Texas Financial Services' shareholders will receive a dividend of
three shares for every two shares held on the record date. Fractional shares
created by the stock dividend will be paid in cash. The dividend will be paid in
authorized but unissued shares of the common stock of the Company.
The par value of East Texas Financial Services' stock will not be affected by
the split and will remain at $.01 per share. The Company anticipates the number
of outstanding shares of stock after the split will be increased from
approximately 1,026,366 to approximately 1,539,549.
Mr. Free stated that, "the Board of Directors has declared this stock split to
reduce its price per share and to increase its market liquidity for the purpose
of enhancing the securities' appeal to investors."
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