CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED
  Continental Bank of Canada said
  shareholders approved a capital reorganization to allow an
  initial payout by the end of May to common shareholders from
  last year's 200 mln Canadian dlr sale of most Continental
  assets to &lt;Lloyds Bank PLC>'s Lloyds Bank Canada.
      The bank said the initial distribution would take the form
  of a stock dividend of cumulative redeemable retractable class
  A series two preferred shares entitling holders to monthly
  floating rate dividends at 72 pct of prime and to 12.75 dlrs a
  share on retraction.
      Continental said the initial payout was subject to Canadian
  government approval.
      The bank reiterated that total distributions to common
  shareholders would range from 16.50 dlrs a share to 17.25 dlrs
  including the initial stock dividend and a final distribution
  in late 1988 or early 1989.
      The payout of existing preferred shareholders will be
  completed just before next month's initial distribution to
  common shareholders, Continental added.
  

