-------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 2004
FIRST NATIONAL LINCOLN CORPORATION
(Exact name of Registrant as specified in charter)
MAINE
(State or other jurisdiction of incorporation)
0-26589 01-0404322
(Commission file number) (IRS employer identification no.)
Main Street, Damariscotta, Maine 04853
(Address of principal executive offices) (Zip Code)
(207) 563-3195
(Registrant's telephone number, including area code)
-------------------------------------------------------------------------------
Item 5. Other Events
The Company today issued the following press release:
------------------------------------------------------------------------------
First National Lincoln Corporation Declares 3-for-1 Split
DAMARISCOTTA, Maine -- (BUSINESS WIRE) -- April 27, 2004 -- At its 2004 Annual
Meeting, First National Lincoln Corporation (NASDAQ NM: FNLC) today announced
that its Board of Directors has voted to declare a 200% stock dividend, which
is equivalent to a three-for-one stock split. The record date will be May 12,
2004, and the payment date will be June 1, 2004.
" 'When will you declare a stock split?' is a question I have heard quite often
during the past year," noted Daniel R. Daigneault, the Company's President &
Chief Executive Officer. "My response has been that we needed to see additional
increases in the market price before we could make a decision. Since March
2003, the market price of FNLC has increased from $33.95 per share to a high of
$51.05, and despite a slight drop during the first quarter of 2004 the price
has remained in the mid-to-high forties for a number of weeks. Our shareholders
today approved an increase in the number of authorized shares from 6 million to
18 million, so we are now able to declare a three-for-one stock split. This
will increase the number of outstanding shares of FNLC stock from 2.4 million
to 7.3 million.
"Over the past 30 years the company has announced five stock splits and/or
stock dividends," President Daigneault continued, "each about six to seven
years apart. The last one was a little over six years ago in December, 1997.
All of them were well received in the past and we are confident that our
current shareholders and potential investors will be pleased with this
decision."
First National Lincoln Corporation, headquartered in Damariscotta, Maine, is
the holding company for The First National Bank of Damariscotta and Pemaquid
Advisors. The First is an independent community bank serving Mid-Coast Maine
with seven offices in Lincoln and Knox Counties that provide consumer and
commercial banking products and services. Pemaquid Advisors provides investment
advisory and trust services from offices in Damariscotta, Boothbay Harbor and
Portland, Maine.
Forward-looking and cautionary statements: except for the historical
information and discussions contained herein, statements contained in this
release may constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements involve a
number of risks, uncertainties and other factors that could cause actual
results to differ materially, as discussed in the company's filings with the
Securities and Exchange Commission.
For additional information contact F. Stephen Ward, Treasurer & Chief Financial
Officer, at 207.563.3272.
------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Company has duly caused this report to be filed on its behalf by
the undersigned thereunto duly authorized.
FIRST NATIONAL LINCOLN CORPORATION
By: /s/ F. Stephen Ward
F. Stephen Ward
Treasurer & Chief Financial Officer
April 27, 2004