Sallie Mae (NASDAQ: SLM), formally SLM Corporation, announced that its
Board of Directors today approved increasing the quarterly dividend on
the company’s common stock from 12.5 cents to 15 cents per share. The
next quarterly dividend will be paid on March 15 to shareholders of
record at the close of business on March 1.
The Board of Directors also authorized a $400 million share repurchase
program for the company’s outstanding common stock. The program does not
have an expiration date.
In addition, the company announced a 2013 first-quarter dividend on its
Preferred Stock Series B of $0.4908444 per share. The dividend on the
Preferred Stock Series B will be paid on March 15 to Series B
shareholders of record at the close of business on March 5.
The company also scheduled May 30, 2013, as the date for its 2013 Annual
Meeting of Shareholders. The meeting will take place at 11 a.m. EDT at
the company’s headquarters in Newark, Del. (300 Continental Drive).
Shareholders of record on April 2 may vote.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services
company specializing in education. Celebrating 40 years of making a
difference, Sallie Mae continues to turn education dreams into reality
for American families, today serving 25 million customers. With products
and services that include 529 college savings plans, Upromise rewards,
scholarship search and planning tools, education loans, insurance, and
online banking, Sallie Mae offers solutions that help families save,
plan, and pay for college. Sallie Mae also provides financial services
to hundreds of college campuses as well as to federal and state
governments. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.