MIDLAND, Mich., Jan. 31 /PRNewswire-FirstCall/ -- Chemical Financial
Corporation (Nasdaq: CHFC) today announced the appointment of Michael T.
Laethem, Geoffery E. Merszei, Calvin D. Prins, Larry D. Stauffer and Franklin
C. Wheatlake to the Boards of Directors of Chemical Financial Corporation and
Chemical Bank. These appointments were ratified at the December 12, 2005
Board of Directors meeting, and became effective on January 1, 2006.
On January 1, 2006, Chemical Financial Corporation's (CFC) three state-
chartered banking institutions, Chemical Bank and Trust Company, Chemical Bank
West and Chemical Bank Shoreline, were integrated into a single state
chartered institution now known as Chemical Bank. All existing members of
CFC's board have also been named directors of Chemical Bank. "The addition of
these five individuals to both boards serves a dual purpose. First, these
appointments enhance board representation by diversifying the business
expertise of our directors while increasing leadership from throughout our
operating markets. Secondly, in preparation for the pending retirements of
Frank P. Popoff, Chairman of the Board and Dan L. Smith on April 17, 2006 (in
accordance with our Directors Retirement Policy), these gentlemen will provide
additional strength and direction to the Company's governance oversight," said
David B. Ramaker, President & Chief Executive Officer.
"We are extremely pleased to further augment our board membership with
individuals with such diverse business expertise. I believe that these
gentlemen will provide us with the additional guidance and insight necessary
to further position the company for growth and prosperity," said Frank Popoff,
Chairman of the Board.
Mr. Laethem is co-owner of Farm Depot, LLC, located in Caro, Michigan. A
farm machinery dealer since 1980, Mr. Laethem holds a Master's degree in
Finance from Saginaw Valley State University and is a Certified Public
Accountant. His association with Chemical Financial Corporation (CFC) began
in 1993 when we was elected to the Board of Directors of the former State
Savings Bank of Caro, which was acquired by CFC in 1996.
Mr. Merszei is Executive Vice President and Chief Financial Officer of The
Dow Chemical Company. He joined Dow Chemical in 1977 as a credit manager and
progressed through various roles in the Finance organization, becoming Vice
President and Treasurer in 1996. He left the company in 2001 to become
Executive Vice President and Chief Financial Officer of Alcan Inc, returning
to Dow in July last year. He took over as CFO in October that year and was
elected to the Board of Directors of The Dow Chemical Company in December.
Mr. Merszei holds a Bachelor's degree in Economics from Albion College,
Michigan.
Mr. Prins is Owner of Prins Construction and Development, LLC, located in
Holland, Michigan. A second generation builder, he is currently involved in
all aspects of land development and construction, including land acquisition,
zoning, financing and construction. His affiliation with CFC began in 2002
when he was appointed to the Board of Directors of Chemical Bank Shoreline, a
former banking subsidiary of the company.
Mr. Stauffer is President of Auto Paint, Inc. and Auto Wares Tool Co.,
located in Flint, Michigan. Mr. Stauffer holds a Bachelor of Science degree,
graduating Magna Cum Laude, from Western Michigan University. His affiliation
with CFC began in 2003 with the acquisition of the former State Bank of
Caledonia.
Mr. Wheatlake is Chairman and Chief Executive Officer of Reed City
Powerline Supply Company, and its wholly owned subsidiaries The Hydaker-
Wheatlake Company, Hydrolake Leasing & Service Company. He is also owner of
Reed City GMC Truck, Inc. Mr. Wheatlake holds a Bachelor of Science degree in
Civil Engineering from Michigan Technological University. He has served the
company's subsidiaries since 1984 when he was elected to the Big Rapids
Community Bank Board of Directors.
Chemical Financial Corporation is the fourth largest bank holding company
headquartered in Michigan. As of December 31, 2005, the Company had total
assets of $3.75 billion. Effective December 31, 2005, the Company's banking
operations began operating as a single subsidiary bank, Chemical Bank, with
132 banking offices spread over 32 counties in the lower peninsula of
Michigan. Chemical Financial Corporation common stock trades on The Nasdaq
Stock Market under the symbol CHFC and is one of the issues comprising the
Nasdaq Financial 100 index.
SOURCE Chemical Financial Corporation
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Related links:
http://chemicalbankmi.com
Company News On-Call:
http://www.prnewswire.com/comp/157448.html
CONTACT:
David B. Ramaker, +1-989-839-5269, or Lori A.
Gwizdala, +1-989-839-5358, both of Chemical Financial Corporation
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