MIDLAND, Mich., Jan. 16 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), announced that on January 15, 2001 the
board of directors of the Company voted to increase the quarterly cash
dividend, by declaring a cash dividend of $0.24 per share of common stock for
the first quarter of 2001. The cash dividend will be payable on Friday,
March 16, 2001 to shareholders of record on March 2, 2001. The ex-dividend
date is February 28, 2001.
In announcing the higher cash dividend, Ott indicated that the new
quarterly dividend rate of $0.24 per share is in accordance with the Company's
previous announcement that the cash dividend would be increased to this level
with the first quarterly dividend after the effective date of the merger with
Shoreline Financial Corporation. The merger with Shoreline Financial
Corporation was effective at the close of business on January 9, 2001. The
$0.24 per share dividend for the first quarter of 2001 represents a $0.02 per
share, or 9.1%, increase over the $0.22 per share cash dividend that was paid
in the previous quarter.
Chemical Financial Corporation is one of the largest bank holding
companies headquartered in Michigan. The Company's four subsidiary banks now
operate 118 full-service banking offices and 2 loan production offices spread
over 30 counties in the lower peninsula of Michigan. CFC Data Corp, Midland,
is the Company's wholly owned data processing subsidiary.
Chemical Financial Corporation common stock trades on The Nasdaq Stock
Market under the symbol CHFC.
SOURCE Chemical Financial Corporation
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Related links:
http://chemicalbankmi.com
Company News On-Call:
http://www.prnewswire.com/comp/157448.html or fax,
800-758-5804, ext. 157448
CONTACT:
Aloysius J. Oliver, 517-839-5352, or Lori A.
Gwizdala, 517-839-5358, both of Chemical Financial Corporation
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