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CHEMICAL FINANCIAL CORPORATION OF MIDLAND AND KEY STATE BANK OF OWOSSO ANNOUNCE PROPOSED AFFILIATION

 MIDLAND/OWOSSO, Mich., May 13 /PRNewswire/ -- Chemical Financial Corporation (NASDAQ-NMS: CHFC) and Key State Bank jointly announced today that they have signed a definitive agreement under which Key State Bank would be acquired by Chemical. At March 31, 1993, Key State Bank had approximately $164 million in total assets. Key State Bank, which is headquartered in Owosso, operates eight banking offices. In addition to the four offices in the immediate Owosso area, the bank operates branches in the Genesee County townships of Flint and Mount Morris and in the Ingham County townships of Lansing and Meridian (Okemos).
 Alan W. Ott, president of Chemical, said, "We look forward to welcoming Key's customers, employees, directors, and shareholders to our organization. While retaining Key's community bank orientation, the bank's customers and employees will enjoy many benefits from affiliation with a substantially larger
banking organization. The locations of Key


State Bank's offices compliment our own and, as a result, will expand our financial products and services into new banking markets."
 Gerald H. LeFevre, president of Key State Bank, said, "Our bank's affiliation with Chemical will preserve our strong commitment to meeting the banking needs of the communities we serve, while maximizing the return on our shareholders' investment. We believe that, in joining Chemical's banking organization, we will be better enabled to serve our customers and our employees in the rapidly changing financial services industry."
 In the transaction, Key State Bank shareholders would receive shares of Chemical's common stock in exchange for their shares of Key's common stock. The Chemical shares to be received will have an aggregate market value equal to 200 percent of Key's shareholders' equity, subject to certain adjustments, determined as of a later date. At March 31, 1993, Key had a book value per share of $23.52. The transaction is subject to approvals by Key State Bank's shareholders and bank regulatory agencies, as well as other customary conditions. The transaction is expected to be completed by Dec. 31, 1993.
 Chemical Financial Corporation had March 31, 1993, total assets of $1.4 billion and is the parent company of nine affiliated Chemical Banks which operate a total of 75 banking offices located primarily in the mid-section of Michigan's Lower Peninsula. Chemical Financial Corporation common shares are traded in the over-the-counter market and are quoted on the NASDAQ National Market System under the symbol CHFC.
 -0- 5/13/93
 /CONTACT: Alan W. Ott, president, Chemical Financial Corporation, 517-839-5333; or Gerald H. LeFevre, president, Key State Bank, 517-723-6767/
 (CHFC)


CO: Chemical Financial Corporation; Key State Bank ST: Michigan IN: FIN SU: TNM

KE -- DE018 -- 8061 05/13/93 11:27 EDT
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Publication:PR Newswire
Date:May 13, 1993
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