| Annual Meeting: |
All stockholders are
invited |
|
to attend our
annual meeting, which will be held at 4:30 P.M. , on Thursday, April 22, 1999 in the lobby
of the Bank of Waukegan, 1601 N. Lewis Avenue, Waukegan, Illinois 60085.
We look forward to meeting all stockholders and welcome your questions at the
annual meeting. Any stockholders unable to attend this year's meeting are invited to send
questions and comments in writing to Fred Abdula, Chairman of the Board and Chief
Executive Officer, at Northern States Financial Corporation. |
| .. |
| Form 10-K: |
Stockholders who
wish to obtain a |
|
| copy at no charge
of Northern States Financial Corporation's Form 10-K for the fiscal year ended December
31, 1998, as filed with the Securities and Exchange Commission, may do so by writing
Thomas M. Nemeth, Vice President & Treasurer, at Northern States Financial
Corporation. |
| .. |
| For Further
Information: |
Stockholders and |
|
| prospective
investors are welcome to call or write Northern States Financial Corporation with
questions or requests for additional information. Please direct inquiries to: |
Thomas M. Nemeth
Vice President & Treasurer
Northern States Financial Corporation
1601 N. Lewis Avenue
Waukegan, Illinois 60085
(847) 244-6000 ext. 269 |
|
| .. |
| Transfer Agent,
Registrar & Dividend Disbursements: |
| Stockholders with a
change of address or related inquiries should contact: |
Firstar Bank
Milwaukee, NA
Investors Services Unit
1555 N. Rivercenter Dr., Suite 301
Milwaukee, Wisconsin 53212
(800) 637-7549 |
|
| .. |
| Quarterly
Calendar: |
The Company operates
|
|
| on a fiscal year
ending December 31. Quarterly results are announced within 45 days after the end of each
quarter, and audited results are announced within 90 days after year end. |
| .. |
| Semi-annual
Dividend Dates: |
Dividends are |
|
| are expected to be
announced and paid on the following schedule during 1999: |
| .. |
|
Half |
Record Date |
Payment Date |
|
| .. |
|
|
First |
May
17 |
June
1 |
Second |
November
15 |
December
1 |
| . |
|
|
| . |
|
|
|
| Stock Market
Information: |
The common stock |
|
| of Northern States
Financial Corporation is traded on the National Association of Securities Dealers
Automated Quotation System (NASDAQ Small- Cap Market) under the ticker symbol NSFC. Stock
price quotations are published daily in the Chicago Tribune and Chicago Sun-Times
newspapers and, when traded, in The Wall Street Journal, The stock is commonly listed as
NthStat. |
|
.. |
As of December 31, 1998 there were 6,500,000 common shares authorized;
4,453,400 common shares were outstanding, held by approximately 450 registered
stockholders.
As of February 28, 1999, the following securities firms indicated they were
maintaining an inventory of Northern States Financial Corporation common stock and are
acting as market makers:
| .. |
Herzog, Heine,
Geduld, Inc.
Miami, Florida
(800) 966-7022 or (305) 932-5880 |
| .. |
Howe Barnes
Investments, Inc.
Chicago, Illinois
(800) 800-4693 or (312) 655-2946 |
| .. |
Knight Securities,
Inc.
Jersey City, New Jersey
(888) 302-9197 or (212) 336-8861 |
.. |
| Price Summary: |
The following
schedule details |
|
| our stock's quarter
ending bid and ask price restated to reflect the five- for-one stock-split which occured
in May of 1998. |
| .. |
|
| .. |
1998 |
1997 |
|
|
BID |
ASK |
BID |
ASK |
| .. |
|
|
|
|
| Quarter Ended: |
|
|
|
|
| March 31 |
$ 32¾ |
$33 5/8 |
$ 17 5/8 |
$ 18 5/8 |
| June 30 |
34 ¾ |
34 ¾ |
17 3/8 |
18 3/8 |
| September 30 |
27 ¼ |
27 5/8 |
19 |
20 |
| December 31 |
24 5/8 |
25 |
23 3/8 |
26 1/8 |
| .. |
|
|
|
|
|
.. |
1999 |
|
| .. |
|
|
BID |
ASK |
|
|
|
|
|
| For the First Quarter: |
|
|
| (through March 1, 1999) |
$ 22 ½ |
$ 22 ¾ |
|
| .. |
| Cash
Dividends: |
Northern States
Financial |
|
| Corporation pays
semi-annual cash dividends in June and December. Uninterrupted cash dividends have been
paid since the Company's formation in 1984 and have been increased each year since then.
The table below shows semi-annual cash dividends per share for the past seven years.
Dividends have been restated to reflect the five-for-one stock split which occurred in May
of 1998. |
| .. |
|
.. |
June 1 |
December 1 |
Total |
|
| .. |
|
|
|
1994 |
$
.14 |
$
.15 |
$
.29 |
1995 |
$ .16 |
$ .17 |
$ $ .17 |
1996 |
$ .19 |
$ .21 |
$ .40 |
1997 |
$ .23 |
$ .25 |
$ .48 |
1998 |
$ .28 |
$ .32 |
$ .60 |
|
| .. |
| Independent
Auditors |
Crowe, Chizek
and Company LLP
Oak Brook, Illinois |
|