MIDLAND, Mich., Dec. 13 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), announced that on December 13, 1999, the
Board of Directors of the Corporation declared a five percent stock dividend.
The stock dividend will result in shareholders receiving one additional
share of common stock for each twenty shares owned on January 7, 2000, which
was set as the record date for the dividend. The payable date for the stock
dividend was established as January 21, 2000, 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 5, 2000. 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 establish the quarterly cash dividend for 2000 at
$0.22 per share of common stock. This proposed increase in cash dividends,
coupled with the increased number of shares outstanding following the five
percent stock dividend, will result in a 10% overall increase in cash
dividends to be paid in 2000. The year of 2000 will mark the twenty-sixth
consecutive year of annual dividend increases paid to Chemical Financial
Corporation shareholders.
Chemical Financial Corporation is one of the largest bank holding
companies in Michigan with total assets of $1.9 billion. The Company's ten
subsidiary Banks operate 87 "Chemical Bank" offices in 24 counties across the
mid-section of Michigan's lower peninsula.
Chemical Financial Corporation common stock trades on the NASDAQ Stock
Market under the symbol "CHFC".
SOURCE Chemical Financial Corporation
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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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