MIDLAND, Mich., Sept. 13 /PRNewswire/ -- Aloysius J. Oliver, President and
Chief Executive Officer of Chemical Financial Corporation (Nasdaq: CHFC), will
retire as a full-time employee of the Company on December 31, 2001. The
Corporation's Board of Directors has selected David B. Ramaker to succeed him,
effective January 1, 2002. Mr. Oliver will continue to serve on the Chemical
Board of Directors and will become its non-executive Chairman on January 1,
2002, following the retirement of current non-executive Chairman, Alan W. Ott,
on December 31, 2001, in accordance with the organization's Directors
Retirement Policy.
Mr. Oliver, 61, has been President and Chief Executive Officer of Chemical
Financial Corporation since January, 1997. For the previous 12 years, he was
the Company's Executive Vice President and Secretary. He joined the staff of
Chemical Bank and Trust Company, which was then known as Chemical State
Savings Bank, in 1957. Following a series of promotions to various
supervisory and management positions, he was elected Vice President and
Cashier of the bank in 1975. He became Secretary to the bank's Board of
Directors in 1979 and was elected Senior Vice President in 1981. Mr. Oliver
also serves as President and a Director of CFC Data Corp, the Corporation's
wholly owned data processing subsidiary.
Mr. Ramaker, 46, has been President and Chief Executive Officer of
Chemical Bank and Trust Company and Executive Vice President and Secretary of
Chemical Financial Corporation since January, 1997. Previously, he had been
President and Chief Executive Officer of another Chemical subsidiary, Chemical
Bank Key State, for four years. He joined the Chemical organization in 1989
as Vice President and Commercial Loan Officer at Chemical Bank and Trust
Company. Before coming to Chemical, he was employed by several Texas banks
following his graduation from Southern Methodist University in 1977. His last
position in Texas was President and Chief Executive Officer of the Bank of
Arlington in that Dallas suburb. Mr. Ramaker is a graduate of the
Southwestern Graduate School of Banking and the American Bankers Association's
Commercial Lending School.
Mr. Ott has been the non-executive Chairman of the Chemical Financial
Board of Directors since he retired as the Corporation's Chairman, President
and Chief Executive Officer in December, 1996. He will attain the
Corporation's mandatory retirement age for directors of 70, in December of
this year.
Chemical Bank and Trust Company's Board of Directors will elect a
successor to Mr. Ramaker as the bank's President & Chief Executive Officer
later this year.
Chemical Financial Corporation, with total assets of approximately $3.5
billion, is the fourth largest banking company with its headquarters in
Michigan. Its four subsidiary banks operate 128 full service "Chemical Bank"
offices and two loan production offices across 33 counties in Michigan's Lower
Peninsula. Its 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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http://chemicalbankmi.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/157448.html
CONTACT:
Alan W. Ott, Chairman of the Board of
Chemical Financial Corporation, +1-989-839-5333
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