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CHEMICAL FINANCIAL CORPORATION ANNOUNCES A 6-FOR-5 STOCK SPLIT

 MIDLAND, Mich., Dec. 21 /PRNewswire/ -- Gilbert A. Currie, chairman of Chemical Financial Corporation (NASDAQ-NMS: CHFC), announced that today, Dec. 21, 1992, the board of directors of Chemical Financial Corporation declared a 6-for-5 stock split to shareholders of record as of Dec. 31, 1992, with an ex-dividend date of Dec. 24, 1992. The 6-for-5 stock split is payable on Jan. 15, 1993. In announcing the stock split, Currie indicated that this action was prompted mainly by a desire to increase the number of shares outstanding for the purpose of effecting a reduction in their unit market price.
 No fractional shares will be issued. Fractional share amounts will be purchased or sold for the shareholder by the authorized agents. At the time of the declaration of the 6-for-5 stock split, the board of directors indicated their intent to establish the 1993 quarterly cash dividend at $0.20 per share on the increased number of shares outstanding. Currie stated that this level of cash dividend would have the effect of a 9.1-percent increase in cash dividends paid to shareholders during 1993. The year of 1993 will mark the 19th consecutive year of annual increases in cash dividends paid to Chemical Financial Corporation shareholders.
 Chemical Financial Corporation is one of the 10 largest bank holding companies in Michigan, with total assets of $1.4 billion. The company's nine affiliated banks operate 75 "Chemical Bank" offices in 20 counties across the mid-section of Michigan's Lower Peninsula. CFC Data Corp, Midland, is the company's wholly owned data processing subsidiary.
 The company's common shares are traded in the over-the-counter mara?nd are quoted on the NASDAQ National Market System under the symbol CHFC.
 -0- 12/21/92
 /CONTACT: Aloysius J. Oliver, 517-839-5352, or Lori Gwizdala, 517-839-5358, both of Chemical Financial Corporation/
 (CHFC)


CO: Chemical Financial Corporation ST: Michigan IN: FIN SU:

JG -- DE015 -- 0098 12/21/92 11:45 PST
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Publication:PR Newswire
Date:Dec 21, 1992
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