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CHEMICAL BANKING TO REDEEM OUTSTANDING SHARES

 NEW YORK, May 20 /PRNewswire/ -- Chemical Banking Corporation (NYSE: CHL) today announced that it will redeem all outstanding shares of its adjustable rate cumulative preferred stock, series F. The redemption price will be $50 per share plus accrued but unpaid dividends to June 22, 1993, the date fixed for redemption. Approximately four million shares of the stock are currently outstanding.
 Chemical said that the redemption will be funded by the proceeds from $200 million preferred stock offering which was priced on May 17, 1993.
 -0- 5/20/93
 /CONTACT: John Meyers, 212-270-7454, or (investors) John Borden, 212-270-7318, both of Chemical Banking/
 (CHL)


CO: Chemical Banking Corporation ST: New York IN: FIN SU:

TS-SH -- NY049 -- 0726 05/20/93 11:18 EDT
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Publication:PR Newswire
Date:May 20, 1993
Words:121
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