Printer Friendly

CHEMICAL BANKING ANNOUNCES PLAN TO OFFER STOCK

 CHEMICAL BANKING ANNOUNCES PLAN TO OFFER STOCK
 NEW YORK, May 18 /PRNewswire/ -- Chemical Banking Corporation


(NYSE: CHL) today announced that it is planning to offer 10 million shares of fixed rate perpetual preferred stock at $25 per share.
 The proceeds from the proposed sale of preferred stock qualify as Tier I capital. At March 31, Chemical's estimated Tier I risk-based capital ratio under the 1992 guidelines was 6.6 percent.
 Merrill Lynch & Co., is acting as lead manager for the offering. Co-managers for the offering are Goldman, Sachs & Co., Kidder, Peabody & Co. Incorporated, Lehman Brothers, PaineWebber Incorporated, Smith Barney, Harris Upham & Co. Incorporated and Dean Witter Reynolds Inc. It is anticipated that the final terms of the offering will be set during the week of May 18, 1992, subject to market conditions. A propectus relating to this offering may be obtained from Merrill Lynch & Co., World Financial Center, New York, N.Y. 10281-1218.
 -0- 5/18/92
 /CONTACT: John Meyers, 212-270-7454, or John Borden (investors), 212-270-7318, both of Chemical Banking/
 (CHL) CO: Chemical Banking Corporation ST: New York IN: FIN SU:


PS -- NY037 -- 1289 05/18/92 11:39 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 18, 1992
Words:190
Previous Article:CROSS TIMBERS ROYALTY TRUST DECLARES CASH DISTRIBUTION
Next Article:LOWE'S ANNOUNCES WEEKLY SALES
Topics:


Related Articles
CHEMICAL FINANCIAL CORPORATION DECLARES DIVIDEND
CHEMICAL BANKING $4.1 BILLION SENIOR DEBT TO BE RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
CHEMICAL BANKING TO CONVERT CLASS B SHARES
CHEMICAL BANKING TO REDEEM OUTSTANDING SHARES
Chemical Financial Corporation Declares Second Quarter Cash Dividend
Chemical Financial Corporation Announces Cash Dividend Increase.
Chemical Financial Corporation Declares Second Quarter Cash Dividend.
Chemical Financial Corporation Declares Third Quarter Cash Dividend.
Chemical Financial Corporation Declares Fourth Quarter Cash Dividend.
Chemical Financial Corporation Announces a 5% Stock Dividend.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters