MIDLAND, Mich., Oct. 15 /PRNewswire/ -- Alan W. Ott, Chairman, announced
that on October 15, 2001, the Board of Directors of the Corporation declared a
fourth quarter 2001 cash dividend of $0.24 per share of common stock and in
addition, declared a five percent stock dividend.
The fourth quarter cash dividend of $0.24 per share will be payable on
December 7, 2001, to shareholders of record on November 16, 2001. The
ex-dividend date for the cash dividend is November 14, 2001.
The five percent stock dividend that was declared will result in
shareholders receiving one additional share of common stock for each twenty
shares owned on December 7, 2001, which was set as the record date for the
dividend. The payable date for the stock dividend was established as
December 21, 2001, with certificates issued pursuant to the stock dividend to
be mailed to shareholders on that date. The ex-dividend date for the stock
dividend will be December 5, 2001. No fractional shares will be issued;
fractional share amounts will be settled to shareholders in cash.
Mr. Ott further reported that the Board of Directors of the Corporation
indicated their intent to maintain the current quarterly cash dividend for
2002 at $0.24 per share of common stock. This dividend rate, coupled with the
increased number of shares outstanding following the five percent stock
dividend, will result in a 5% increase in cash dividends to be paid in 2002.
The year of 2002 will mark the twenty-eighth consecutive year of annual
dividend increases paid to Chemical Financial Corporation shareholders.
Chemical Financial Corporation (Nasdaq: CHFC) is the fourth largest bank
holding company headquartered in Michigan. The Company's four Subsidiary
Banks operate 128 "Chemical Bank" offices and 2 loan production offices spread
over 33 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 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:
Aloysius J. Oliver, President and CEO of
Chemical Financial Corporation, +1-989-839-5352
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