MIDLAND, Mich., Dec. 9 /PRNewswire-FirstCall/ -- Aloysius J. Oliver,
Chairman of Chemical Financial Corporation (Nasdaq: CHFC), announced that
today, December 9, 2002, the board of directors of the Company declared a five
percent stock dividend.
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 January 6, 2003, which was set as the record date for the
dividend. The payable date for the stock dividend was established as January
24, 2003, 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 January 2, 2003. No fractional shares will be issued; fractional
share amounts will be settled to shareholders in cash.
Mr. Oliver further reported that the Board of Directors of the Corporation
indicated their intent to increase the current quarterly cash dividend for
2003 to $0.25 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 9.4% increase in cash dividends to be paid in 2003.
The year of 2003 will mark the twenty-ninth consecutive year of annual
dividend increases paid to Chemical Financial Corporation shareholders.
Chemical Financial Corporation is the fourth largest bank holding company
headquartered in Michigan. The Company's three Subsidiary Banks operate 129
"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".
This press release contains forward-looking statements. Words such as
"intends," "intent," "will," variations of such words and similar expressions
are intended to identify forward-looking statements. These statements reflect
management's current beliefs as to the expected outcomes of future events and
are not guarantees of future performance. These statements involve certain
risks, uncertainties and assumptions that are difficult to predict with regard
to timing, extent, likelihood and degree of occurrence. Factors that could
cause actual events to differ include, among others: changes in the national
and local economies or market conditions; changes in banking regulations; the
impact of competition from traditional or new sources; and the possibility
that anticipated revenues may not be fully realized at all or within the
expected time frames. These and other factors that may emerge could cause
decisions to differ materially from current expectations. Chemical undertakes
no obligation to revise, update, or clarify forward-looking statements to
reflect events or conditions after the date of this release.
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, President & CEO of Chemical
Financial Corporation, +1-989-839-5269
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