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Schwab Declares 10% Increase in Quarterly Dividend, Authorizes
Additional Stock Repurchase
SAN FRANCISCO, April 28 /PRNewswire-FirstCall/ -- The Board of Directors of
The Charles Schwab Corporation at its meeting today declared a 10% increase to
the quarterly dividend on the company's common stock to $0.022 a share. The
dividend is payable May 23, 2005 to stockholders of record May 9, 2005.
Separately, the Board today authorized repurchases of the Company's common
stock totaling up to $300 million. The shares may be repurchased through open
market or privately negotiated transactions based on prevailing market
conditions. As of March 31, 2005, the Company had 1.32 billion weighted average
common and common equivalent shares outstanding.
The Board's action follows the completion of the repurchase authorization
granted on December 9, 2004. Under that authorization, the Company repurchased
approximately 27 million shares for $300 million by the end of first quarter of
2005.
The Charles Schwab Corporation (NYSE / Nasdaq: SCH), through its operating
subsidiaries, provides securities brokerage and financial services to
individual investors and the independent investment advisors who work with
them. With over 7 million individual investor accounts and more than $1
trillion in client assets, The Charles Schwab Corporation is one of the
nation's largest financial services firms. Schwab provides a complete range of
securities brokerage services and products, including an extensive marketplace
of mutual funds; financial planning and investment advice; retirement plans;
banking products and services; and referrals to a select group of independent
fee-based investment advisors. Schwab is also the leading provider of
custodial, operational and trading support for independent fee-based investment
advisors. The corporation's operating subsidiaries include: Charles Schwab &
Co., Inc. (member SIPC), U.S. Trust Corporation (member FDIC), CyberTrader(R),
Inc. (member SIPC), and Charles Schwab Bank (member FDIC). These companies' Web
sites can be reached at http://www.schwab.com/, http://www.ustrust.com/,
http://www.cybertrader.com/, and http://www.schwabbank.com/, respectively.
DATASOURCE: Charles Schwab
CONTACT: media, Glen Mathison, +1-415-636-5448, or investors/analysts,
Rich Fowler, +1-415-636-9869, both of Charles Schwab
Web site: http://www.schwab.com/