Tuesday gave their seal of approval to a 2.4 for one split of the Bank's common stock.

Mr. Bill Thomson, executive vice-president, said yesterday that any shareholders who had questions about the arrangement should call 299-6241 which will connect them with a special shareholders' advisory desk set up at the bank.

Mr. Thomson also advised the bank's preferred shareholders that they had up to, and including, June 24 to convert their shares into common stock if they wanted to enjoy the benefits of the appreciation of their holdings and the ten percent stock dividend, which will effectively raise common stock cash dividends by 5.6 percent per annum.

After that date, their shares will be redeemed automatically at $10 per share, as opposed to the $11.50 per share current market value, he said.

The bank's directors decided to redeem the preferred shares because the eight percent dividend they paid was considered too high in the current economic climate, when interest rates are much lower.

Interest rates were substantially higher in August, 1988, when the preferred stock was issued, than they are now, said Mr. Thomson.