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CHEMICAL BANKING TO REDEEM PREFERRED STOCK

 CHEMICAL BANKING TO REDEEM PREFERRED STOCK
 NEW YORK, July 23 /PRNewswire/ -- Chemical Banking Corporation


(NYSE: CHL) today announced that it will redeem all outstanding shares of its adjustable rate cumulative preferred stock (Chemical preferred A).
 The redemption price will be $50 per share plus accrued but unpaid dividends to Aug. 25, 1992, the date fixed for redemption. Approximately 3.83 million shares of the stock are currently outstanding.
 Chemical said that the redemption will be funded by a portion of the net proceeds it previously received from a $350 million preferred stock offering completed in May 1992.
 -0- 7/27/92
 /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:


CK-AH -- NY075 -- 2553 07/23/92 12:57 EDT
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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.

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Publication:PR Newswire
Date:Jul 23, 1992
Words:134
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