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CHEMICAL FINANCIAL CORPORATION DECLARES STOCK DIVIDEND

 CHEMICAL FINANCIAL CORPORATION DECLARES STOCK DIVIDEND
 MIDLAND, Mich., Dec. 17 /PRNewswire/ -- Gilbert A. Currie, chairman


of Chemical Financial Corporation (NASDAQ-NMS: CHFC), announced that, on Dec. 16, 1991, the board of directors of the company declared a dividend of one share of common stock for each four shares held of record as of the close of business Jan. 3, 1992. The 25-percent stock dividend is payable Jan. 24, 1992. The ex-dividend date is Jan. 27, 1992.
 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 15-percent stock dividend, the board of directors indicated their intent to establish the 1992 quarterly cash dividend at $0.22 per share. In announcing the stock dividend and the intent to establish the 1992 quarterly cash dividend at $0.22 per share, Currie indicated that this would represent a 5.8-percent increase in cash dividends paid to shareholders during 1992. Currie also stated that the dividend increase for 1992 would mark the 17th 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 in excess of $1.3 billion. The company's 10 affiliates 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 market and are quoted on the NASDAQ National Market System under the symbol CHFC.
 -0- 12/17/91
 /CONTACT: Aloysius J. Oliver of Chemical Financial Corporation, 517-839-5352/
 (CHFC) CO: Chemical Financial Corporation ST: Michigan IN: FIN SU: DIV


ML -- DE001 -- 2811 12/17/91 08:10 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 17, 1991
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