Erie Indemnity Increases Quarterly Dividends, Declares Regular and Special Cash Dividends and Accelerates Payment into 2012
Erie Indemnity Company (NASDAQ: ERIE) announced today that its Board of Directors approved an increase in regular shareholder dividends and declared a special cash dividend. Erie Indemnity Company has paid regular shareholder dividends since 1933.
The Board agreed to increase the regular quarterly cash dividend from $0.5525 to $0.5925 on each Class A share and from $82.875 to $88.875 on each Class B share. This represents a 7.2 percent increase in the payout per share over the current dividend rate.
This quarterly dividend is normally declared by the Board at its December meeting and paid in January of the following year. However, given the potential significant increases in tax rates on dividend income in 2013, the Board has decided to accelerate the payment of this quarterly dividend into December. This quarterly dividend will be paid on December 21, 2012, to shareholders of record as of the close of business on December 7, 2012, with a dividend ex-date of December 5, 2012.
The Board also declared a special one-time cash dividend of $2.00 on each Class A share and $300.00 on each Class B share. This special cash dividend will also be paid on December 21, 2012, to shareholders of record as of the close of business on December 7, 2012, with a dividend ex-date of December 5, 2012.
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